Accompanying the fourth edition of the study "Outsourcing in the financial industry", the analysts from PwC (PricewaterhouseCoopers) consulted Dr. Richard Dratva, Chief Strategy Officer at CREALOGIX. In an interview on current developments in strategic partnerships on the Swiss and European banking market, the strategy expert leaves no doubt that banks must enter into cooperation agreements in order to maintain their competitiveness.
It can only succeed together: this is how the results of the recently published PwC study on the topic of bank fintech outsourcing can be summarised. Almost three-quarters of the bank representatives surveyed (73%) hope that outsourcing will provide them with access to specialized resources that they themselves are unable to maintain. For Richard Dratva, Chief Strategy Officer at CREALOGIX, the market leader for digital banking software, there is no alternative to financial institutions, Fintechs and other service providers moving closer together: Often, these cooperations are also about gaining time in order to staying ahead of the digital transformation and even getting a foot in the door to the corresponding digital market.
The use of Banking-as-a-Service ensures sustainability
The long-term and systematic cooperation between the bank and third parties, as PwC defines strategic partnerships, determines the future of banking - "not only for 'fully digital' but also for hybrid business models," says Richard Dratva. Depending on their requirements and strategic orientation, the respective partners enter into different levels of cooperation.Richard Dratva, Chief Strategy Officer at CREALOGIX, said:
"If the banks want to offer their customers a well-rounded and comprehensive financial ecosystem, they cannot help but look for cooperation partners because they cannot provide all the services themselves. Because one thing is certain: customers are prepared to change banks more quickly than in previous years if they are not offered what they expect."
Orchestrate the complete offer via digital platforms
According to Richard Dratva, financial institutions needed a technological infrastructure in the form of a digital banking platform for outsourcing as part of a Banking-as-a-Service model. "It orchestrates its own overall digital offering." Such a platform goes far beyond simple API management and enables bank customers to obtain "all services from a single source, securely and at attractive prices". Platform providers have created the conditions for the banking of the future. Now it is a matter of "the necessary flexibility and innovation" in implementation.
Full-length interview & study:
The full-length expert interview in German with Dr. Richard Dratva, Chief Strategy Officer, on "Strategic Partnerships in the Financial Industry" is available here: https://www.pwc.de/de/finanzdienstleistungen/studie-outsourcing-in-der-finanzindustrie-experteninterviews/interview-mit-dr-richard-dratva-von-crealogix.html
The study can be downloaded in German as a PDF here: https://www.pwc.de/de/finanzdienstleistungen/pwc-sourcing-survey-2018.pdf
