Regulatory complianceĪ deeper and more detailed pool of payment data can enable banks to uphold full compliance with regulatory frameworks and anti-money laundering requirements. With better data insights, banks will be able to upsell active customers, mobilize lapsed accounts, and crucially, ensure service delivery is more streamlined and cost-efficient.
More data means more opportunities for cross-selling and up-selling due to the fact that banks will know the customer more intimately, and be able to service them with more nuance. For example, when an individual sets up a bank account or makes a payment, unique data strands that contribute to the overall customer profile can be aggregated and used to drive business growth. One of the inherent benefits associated with ISO 20022 migration would see a richer tapestry of actionable customer data being accessible to banks. Let’s explore some of those opportunities in greater detail: 1. This represents a digital rewiring of the industry’s data architecture, and achieving ISO 20022 migration in a timely fashion presents a number of far-reaching opportunities for banks operating in today’s highly competitive financial services sphere. In addition, banks now have to contend with the ISO 20022 mandate, which, at macro level, is geared towards making the global payment infrastructure more robust and data-rich.
The tectonic shifts in the banking landscape have seen a proliferation of neobanks emerge, the unveiling of open banking reforms, and unique deployments of embedded fintech solutions tailored to digital-native customers. Bharathkumar Mani, Account Manager for Financial Services at Expleo, explores how banks can reap the rewards of timely compliance with the new ISO 20022 standard.įor what was once considered a static and predictable sector, the rate of change within the global banking sector in recent times has been breathtaking, ushering in an undisputed era of innovation that is showing no signs of slowing down.
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