From competition to collaboration: case studies in financial services

It's clear that competition is changing and whereas before, we had one company competing against another company, we are now moving to a setting where it is me and my gang against you and your gang, me and my partners against you and your partners and a lot of the competition in the future will be, who is able to build the best and the most interesting ecosystem. That will be the winner of their competition game.

So ecosystem is a term which is often used. So just to be clear, what do we mean with the business ecosystem? Well, increasingly, businesses operate in a broader network of related businesses offering particular products or services. While these ecosystems are important because they create strong barriers to entry for new competition, new potential entrants do not only have to duplicate or make better products, but they also have to compete against the entire ecosystem of organizations in that network. So it's much more difficult to copy or to compete with a network of organizations than it is to compete with one organizations and that's why we see the rise of this ecosystem economy.

So we see these ecosystems emerge within the financial services sectors. What you see here is an overview of what they call the Fintech bank, what you have at the core, and the traditional and government organizations and the bank. But often through open APIs, they can act with a lot of these different Fintech players for all of these domains that you see here for remittances, for payments, for assurance, for loans, mortgages, wealth management, etc. So the core banking platform offers what they do well, compliance know your customer. They have the license. They have the skill and the access to the clients and some of the things we discussed before, and they link and tap into the knowledge and expertise of all of these different Fintech companies to offer the best service to their client. So this is kind of the banking as a platform idea that we see merge. The technical platform is underpinning the way that the ecosystem on top of that the connection between your organizations is functioning.