Platformication The future of the banking industry
Platformication has been on the rise lately, and it is on its way to transforming the banking industry in the near future. Come take a look at our article to learn more!
“Platformication” is one of those techno-economical terms most people have never heard of. It describes one of the most important trends affecting many industries, including the banking industry. So, let's shed some light on this: What exactly is platformication, and how might it affect banking?
Combining Different Services on a Single Platform
Platformication means several vendors deliver products and services to end customers on one single platform. Take Export Portal, for example. On our platform, logistics companies, traders, analysts, payment providers, and pretty much everyone involved in the trade cycle come together on one single platform.
Now on to banking: Today, you get banking products like checking accounts or trade finance from your bank, but you might choose a company like PayPal or TransferWise for your payment services, and you might even use a peer-to-peer lending source to get a loan. The idea of platformication is that all of those vendors come together on one single banking platform.
The Future Bank is a “Platform Bank”
Ideally, banks should play the role of the platform provider, like how Export Portal is the trading platform source. Banks own the customer relationship, which is crucial to financial services, but they don’t necessarily have the best products and services, as fintechs often have superior technologies.
Therefore, financial institutions can cooperate with fintechs and let them provide their services to their clients. So, when you visit your account or its website, you will have access to a wide range of financial services, not only from your bank but also from other providers.
Financial services have become so diverse and specialized that no bank can provide good products and services in all areas in-house. Also, many customers are now demanding better, faster, and cheaper services, and the internet allows them to choose according to a best-in-class approach. As a result, it is likely that banks will increasingly transform into platform businesses.
Let Export Portal Help You
New to the world of trade? Work with Export Portal today to trade with verified companies and experts from all over the world!
Comments 2