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Fintech - Technology Must Support Operational and Cultural Needs PDF Print E-mail
Tuesday, 13 December 2016
Technology continues to facilitate major change in both established and emerging challenger banks. The growing emphasis on fintech capabilities that work for the bank and their customer, expediting accessibility, processes and controls in a high compliant and secure manner and which are designed to be as future-proof as can be imagined are all important. However, leading fintech vendor Sword Apak points out that this ongoing race to create leading edge technology must not overlook the cultural and brand values that are so important in making a bank distinctive.  

“Central to clients’ wishes in specifying their needs for a core banking system are a dynamic, scalable system architecture and ease of use. What is often overlooked in what is largely an objective process is the importance of developing a great organisational and cultural fit between the bank and the vendor,” comments Mark Elliott, Director of Banking at Sword Apak, “Get this right and both the journey and outcome are significantly enhanced. More than this, a clear navigable road map for future developments is established. Our success in growth in scale and reputation owes much to this marriage of fintech and cultural fit.”

Sword Apak’s award-winning core banking system Aurius provides the ‘whole balance sheet’ product support, workflow management, customer acquisition and CRM capabilities that many personal and commercial banks are looking for in a single integrated product. However, through experience Elliott recognises that a ‘good fit’ is central to successful implementation and that this is wider that just technical specifications, noting;

“As a quality vendor we are proud of our technology, but we recognise that flexibility and scalability are not just technical requirements, they must refer to the heart and soul of a bank and its people.

“Before implementation, even before tendering, understanding the cultural nuances of a business is essential to delivering a client’s goals. This is often overlooked even by the client and we have a duty to ensure that this is not the case. In an increasingly self-serve financial landscape, there must be a place for personality to avoid commoditisation. Our technology and approach seeks to reflect this.”

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