Theo Albers, Infosys Finacle regional manager for Australia and New Zealand has made the call, saying under the model, financial services players could operate in a “marketplace like ecosystem, curated and run by established banks.”
The vision contrasts to older structures such as vertical integration, where a bank distributes its own products through its various businesses.
Mr Albers added it is important for banks to closely collaborate and innovate both internally and with like-minded partners.
“Over the next few years, we could see the banking business adapting a form of the platform-based model,” Mr Albers said.
“Globally some of the top companies are platform-based companies, which aggregate an ecosystem of the best offerings.”
He pointed to Paytm in India and Alipay in China as good examples.
“Similarly, the digibank that was launched by DBS Bank in India has turned somewhat into a marketplace, with retailer offers and deals for their customers,” Mr Albers said.
With this thinking, Infosys Finacle has developed its Finacle FinTech Connect program, a curated platform identifying and pre-qualifying fintechs to engage with customer banks globally, including in Australia.
“We are also doing a lot of work with multiple customers in the APIs [application programming interfaces] enablement space, across the enterprise value chain, which is key to the success of the open banking-driven business models,” Mr Albers said.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.