Technology moves very fast and is part of our daily lives, without us actually noticing that we are so dependent on all kinds of technologies, which should be also kept updated or replaced by newer versions.
Financial industry has been for decades challenged to have the most recent technology to stay competitive in their customer services. We can ask if there is a risk of financial institutions becoming so focused on the technology that their actual business and customer service contents and quality are suffering??
But also the financial technology sector is facing a similar challenge. Can the technology development companies become so focused on the technology itself that the broader picture of the business needs of their customers could be forgotten?
Any software solution used in the financial industry should always be just a tool to maintain and further develop the customer services. The financial industry companies’ search for new technologies should be based only on their business needs, not just because there is a new technology available.
Relational is a different technology company and software vendor. When signing a contract with us, the financial institution gets a partner, with whom to develop the solution to meet their business needs. Our platform and solution are managed by business rules. They allow our customers to make fast functionality and risk assessment changes by themselves. This is a major benefit in the current volatile financial markets.
For this very important topic, this link takes you to an excellent article by Alex Reddish, MD of Tribe Payments, published in Sibos 2021 news.
