BankiFi publishes a new Digital Banking 3.0 white paper on integrated banking services

Integrated finance specialist based in Manchester BankiFi has gone further than ever in articulating its vision for the future of digital banking with the release of its new white paper – “Embedded Banking But Not As You Know It”.

Amid growing uncertainty within the broader fintech market, integrated banking continues to emerge as an area of ​​strong growth and opportunity. Over the past year, the industry has seen a huge increase in user adoption rates, with companies in the field continuing to receive significant investment from some of the world’s most reputable venture capital firms. This interest has also generated a demand for research around the concept.

In response, BankiFi published a white paper, which is now available for free reading on its website. Officially launched at Sibos 2022 in Amsterdam, it provides a comprehensive and easy-to-digest history of digitization within the banking industry, from the first wave of adoption in the 1990s to modern day solutions.

As the BankiFi white paper explores, banks have lately fallen behind technology platforms when it comes to providing customers with convenient access to the digital banking services they really want, despite advances in digitization in the field. Notably, the industry appears to be losing the fight over who, or perhaps what, will be considered the “gateway” to the digital services needed to run a business – a battle it must fight. to win.

By publishing the white paper, BankiFi can offer guidance to those working in or alongside the sector. The thought-provoking report argues that traditional banking institutions are uniquely suited to meet the banking needs of small and medium-sized enterprises (SMEs). In fact, as the white paper points out, banking companies already have all the tools they need to lead in this area.

Speaking on the publication of the new white paper, Mark Hartley, Founder and CEO of BankiFi said, “The road to integrated banking has been long and winding, but now that it’s here, there’s no reason for banks to ignore it. In our white paper, we chronicle this journey, emphasizing that this innovation is only the latest in the world of digital banking, following a long line of technology updates.

“The document clearly shows how the two worlds of banking and SMEs are changing, which has created a kind of vacuum in both areas, especially in terms of how digital banking services are provided. If managed correctly, a wealth of SME banking opportunities will reopen for traditional banks, including considerable customer acquisition potential. However, the next few years are going to be decisive, so those who are ready to embrace change are urged to do so now.

At its core, BankiFi aims to put banks back at the heart of business. The Company’s technology platform is designed to provide banks with an integrated set of services (accounting, billing and payments) based on the processes their customers use to run their businesses. Designed with user-friendliness in mind, BankiFi’s platform allows SME owners to focus on what they do best, which is running their business.

Likewise, by integrating BankiFi’s platform, banks can reinvent their value proposition on the digital front, shifting to a more customer-centric approach and moving away from the product-centric approach that has dominated the industry for years. This move can help banking firms improve customer engagement levels, while simultaneously increasing revenue and reducing operational costs.

  • Polly Jean Harrison

    Polly is a journalist, content creator and general spokesperson for North Wales. She has written for a number of publications, generally addressing the topics of fintech, technology, lifestyle, and body positivity.