The European banking system is an industry dominated by outdated legacy systems. There’s a growing need for transformation, as customer expectations change. European banks need to adopt new technology or face extinction.
Read on as Traderoot outlines how the European banking system, an industry dominated by outdated legacy systems, can embrace digital transformation and modernise their core systems.
The COVID-19 Pandemic had a massive effect on the banking systems digital transformation. Banks needed new, digital ways to communicate with their customers during lockdowns. Banks were forced to engage with their clients through digital channels, such as online platforms and smartphone applications. It’s expected that almost 53% of the global population will access digital banking by 2026.
Customers have become more accustomed to the use of online banking. This has made the industry more accessible to new competitors, like fintech disruptors, who are tapping into the traditional banking market with their affordable, consumer-friendly products and services. Online services for most, especially the younger generation have become the default option.
It’s easy to understand the benefits of digital banking, especially when it comes to convenience. Consumers want convenience more than anything, no one wants to spend hours waiting in a line to get a loan or order a new credit card. Consumers expect financial services, like other online services, to be easily available.
Traderoot Can Help with your Digital Transformation
The European banking system is evolving, and thus banks need to adapt in order to remain relevant. Fintech solutions provided by Traderoot have the potential to assist banks in automating a vast number of manually performed tasks. This has the potential to improve operational efficiency, enable more strategic resource allocation, lower costs, and reduce the number of errors caused by human intervention.
Our collection of modular solutions includes services for issuing, acquiring, payment, clearing, and reconciliation; in addition, we may tailor these solutions to carry out any extra operations that are necessary for our clients. We are always expanding the technological capabilities of our products in order to keep up with evolving industry standards, seize opportunities presented by new innovations, and satisfy new demands.
Traderoot offers a broad range of products throughout the payments and issuing spectrum, including our Payment Service Provider – Channel and Payment Service Provider – Acquirer, our Card Management System and our Universal Issuing Platform.
We have a well-established footprint of clients all over the world and collaborate closely with card associations and payment regulators.
We licence solutions that span the entirety of the value chain, including payments, core banking, and issuing. We do this using the more traditional approach of licensing as well as by providing clients with a managed services platform on a subscription basis.