FS organizations are gearing up towards becoming data-driven ecosystems through platformification. Platform-based businesses allow for seamless, tailor-made customer experiences through leveraging RPA, AI and data analytics.

Within these platforms, financial products are driven across the business, e.g. instead of buying a separate mortgage product, customers will be able to buy a house in close partnership with trusted third party providers in those markets.

What will these platforms look like?
During Finovate Berlin (February 2020) keynote speaker Steven van Belleghem presented two future scenarios:

• Mega platforms creating centralized systems that serve as gatekeepers and distribution networks leveraging an AI-enabled understanding of consumers’ preferences.

• Customers accessing their preferred brands directly via a user-friendly automated interface.

Winners will be those that can best leverage data analytics, build customer-centric and cost-efficient partnerships with third parties while having a strong cybersecurity defense in place