Today, global trends including globalization of the payment market as well as changing customer demands, new entrants, innovative technologies, regulatory pressure, higher costs, and lower profit margins are driving significant changes to the financial services market. The complexity of today’s world in a post-pandemic society with tense geopolitical dimensions has caused tightened regulations and increased compliance costs for financial institutions. The pressure to remain innovative is at an all-time high within this environment where real-time payments became the norm and global real-time payments are representing the new normal. In the wake of rapidly evolving customer expectations, new digital standards for financial services are now increasingly met by a wave of agile fintech companies that leverage technological advances to enhance customer experiences.

We live in the era when flexibility is key to stay relevant and everything can be migrated to the cloud, but it's a thing to be handled with care in order to avoid any kind of risks. How do we do that?

This does not mean that every bank will become a platform, but rather that every bank will need to decide how they will engage in a platform economy and align their strategy and business models to support whatever decision they make. Bank as a Producer - "The bank is white-labeling and selling its products via someone else's platform" Bank as a Distributor - "Bank aggregates and provides solutions and services from third parties to bank customers" Bank as a Marketplace - "Bank facilitates a rich relationship to deliver customer Journey-like solutions" Bank as an Ecosystem Participant - "Bank is an active participant in a symbiotic multi-sided ecosystem".

The right usage of massive data through data mining and proper CRM systems can offer the needed amount of granularity in personalisation of products to gain and maintain products.

The last resort of any digital transformation is the upgrade of the administration. We can't actually reach the moon unless we have a tool to do it. So how does the public sector handle this? For this we need to address the governmental cloud, a fundamental link in the digitalisation chain.