Digital Transformation for Traditional Banks

Accelerate your transition to the cloud and embrace the new banking industry’s digital transformation by updating your core systems, applications, processes, and ecosystems with Orenda Finance.

The challenges traditional banks faced before digital transformations ranged from slow customer service, limited accessibility, lack of innovation, and long time-frames for loan processing.

But embedded finance has revolutionised this sector, enabling customers to access personalised services and reduced time-frames for payments and digital financial services to beat the rapid rise of challenger banks.

As 80% of bank account holders report that they primarily use their mobile phones to access their accounts, banks need to leverage technology and adjust how their services are consumed to align with ever growing customer expectations.

Introducing embedded finance can revolutionise how access to financial services is provided, enabling your customers to quickly and swiftly gain access to lending platforms and receive much-needed aid.

This latest technology has injected much-needed dynamism into the sector by merging banking with embedded technology solutions, allowing traditional banks to wield a “secret weapon” that enables them to understand their customers’ needs and preferences to tailor products and services for maximum efficiency, as well as reducing costs and intermediaries – passing the savings on to customers with lower fees, better rates and more benefits.

Because traditional banks still employ an antiquated approach that relies on locked bank APIs, typical banking infrastructure needs to be updated. Unfortunately, this implies they cannot benefit from the most recent technological advancements and innovations in the banking industry.

The banking sector must adopt open bank APIs. The banking sector will be able to create an ecosystem of partners that can provide cutting-edge goods and services to its clients’ thanks to open bank APIs. In addition, it will make it possible for their infrastructure to swiftly and efficiently add or remove new financial services without disrupting the system’s overall banking infrastructure.

Take advantage of the latest technology and innovation in the banking space by transforming your existing banking infrastructure.

The
Benefits

Seamlessly integrate and retrofit any BaaS widget into your financial ecosystem with no hassle.
One-stop-shop dashboard to easily view your lending, liquidity management, data reporting, and wealth management.
Catch up to your FinTech competitors by modernising your digital infrastructure

Eliminate infrastructure management tasks like capacity provisioning, so you can focus on growing your bank.
No need to devote much time and money to creating your open-source tools, ultimately reducing overheads.
New entrants can quickly roll out new products and services without having to start from scratch.

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Embedded finance is an essential tool for traditional banks to modernise their service offerings, boost customer satisfaction and drive growth in the digital age.

So stay caught up in the digital revolution. Contact us today to learn more about how embedded finance can help your traditional bank with digital transformation.

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