Adopting the best approach for a digital banking solution: Combine the benefits of the ‘build’, ‘buy’ or ‘outsource’ options

Abstract

Competition in banking is growing, and customer loyalty is low. Support for those thinking of becoming a new bank is greater than ever before, and established banks are working hard to rebuild consumer trust. All are figuring out how to differentiate themselves in order to capture/retain market share, and high on the list is the requirement for a compelling and secure digital presence. But which of the ‘build’, ‘buy’ or ‘outsource’ approaches is best suited to help deliver a bank’s own digital strategy? This paper compares the various options of realising a bank’s underlying digital technology, on the basis that the technology in itself is more than just a means to an end, that it is an essential enabler of any digital strategy in the real world of evolving customer expectations and legacy constraints.