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By Paul Cazaz, GM Core Banking, ME Bank
The last decade in banking has seen the digital revolution, and this next decade promises to transform banking to a more personalized experience. The shift we have seen from product-focused to customer-focused banking will only accelerate, and if banks do not consciously put customer needs at the heart of what they do, they will not be able to differentiate themselves.We have also seen financial institutions starting to take positions on socio-economic issues and become representatives of community sentiment– an arena which was previously reserved for politicians with good intent, stances on climate change is more strongly enforced with the recent Australian bushfire Armageddon. It is simply not enough to offer a savings account and a home loan anymore without also appealing to customers in a way that addresses their needs, solve their problems, and appeals to their everyday life. For banks to make this transformation, core banking systems are crucial. A sound core banking system is scalable, contemporary, flexible, performant, and always on. It provides banking that is secure, reliable, and always available. However, a great core banking system enables personalization that offers meaningful information to customers that is relevant and insightful. At ME, we are also looking at how we tap into this rich data source to provide customers with a better experience. We have a focus on core banking and data with the intent of providing more customer-focused outcomes.