12 December 2017
3 Questions for Serkan Turan
How are APIs facilitating the bank-FinTech collaboration by enhancing the information flow among all the entities?
Organizations in all industries are fighting for customers based on providing a superior customer experience. The banking industry is no exception. In fact, as digital banking applications have grabbed a greater share of customer transactions, the need to provide an easy-to-use, frictionless experience, with new digital services offered across a greater number of touchpoints has never been greater. Without the legacy technology and outdated processes of a traditional financial institution, fintech firms quickly identified a large number of narrowly focused solutions that would leverage consumer data, advanced analytics, and digital technology for an improved customer experience. That is why most banks get ease into the use of APIs, moving from private to partner, and sometimes to open APIs. It is believed that, over time, APIs will evolve to the more extensive options in response to the consumer desire for greater digital solutions not currently provided by legacy organizations. This will also occur as both fintechs and traditional banking organizations understand that they need each other’s strengths. This collaboration will enable both banking organizations and fintech firms to offer more to customers than previously possible.
Why is blockchain the best technology for tracking assets?
The market for counterfeit goods costs businesses trillions of dollars a year. Right now, it is incredibly difficult to prove that an item is a fake. However, if brands were to start recording their products on the blockchain, it would be far more difficult for a counterfeiter to present his or her product as authentic. Consumers could then verify that a product is listed on the blockchain – in a user-friendly, non-technical way – allowing brands to generate more revenue and consumers to acquire authentic products. This works because the blockchain is a public, distributed, and encrypted ledger, which ensures that data cannot be changed. With paper, someone can carefully make changes; with the blockchain, thousands of computers prevent data from being altered. And as the chain gets longer, it becomes even more difficult to change data. While Bitcoin is the first use case that has implemented blockchain technology, the reality is that there are hundreds of other use cases. Preventing counterfeiting and working to eliminate the resale of stolen goods are just a few of the diverse use cases that companies are working on right now.
What is holding banks back from achieving total digitisation?
The business model for brands and organizations is not just a matter of maintaining market share and satisfying shareholders anymore. Digital and technical expertise, as well as strategic and creative planning are all at the core of being a relevant brand that seizes opportunities to revolutionize their industry with innovative consumer focused solutions. It’s important to listen to consumers’ needs and the data, but having the foresight to create what consumers will need/want based on that information before they even realize they need/want it is what typically separates the brand leaders from the pack
So if we wanted to explain it in bullets it should be like the following:
- Banks are not getting executed with the mindset of the organization to ensure everyone in leadership is truly on the same page about how digital is integrated within the companies’ mission, vision, and objectives
- They do not cast missions and visions internally to the managers and teams and encourage them to live and breathe it – develop a plan
- They fear to transform their product line content to align with the newly integrated digital game plan
- Also, they are struggling to implement their strategic integration plan with a phased approach
Serkan Turan, Experienced Vice President Sales Marketing with a demonstrated history of working in the banking industry. Skilled in Analytical Skills, Banking, Credit Cards, Sales Management, and Team Building. Strong finance professional.