One of my main beliefs for the global banking and financial industry for the next 10 years is that financial companies will become IT-companies. They will also focus a lot more on the customer experience. The article about the “Top 10 Strategic Priorities for Banking in 2017” confirms this thinking.
You cannot standardise the customer experience so every financial company needs IT-staff or IT-consultants of their own. Sounds expensive? Well it can be, but there are a lot of other things that can be standardised, like the back end. When I founded Bricknode in 2010 I was determined that the back end operations like account ledgers, user management, tax management etc. could be standardised and that financial institutions of the future would shift their cash spend to improving their front ends instead of pouring money into expensive back end projects.
With our real launch of the Bricknode FinTech Ecosystem this past Friday, financial institutions can now sign up and start using Bricknode Financial Systems directly online for as low as $50 – $100 per month. Users can then tap into our marketplace to add functionality and apps while only paying for what they use. This is in great contrast compared to how financial software has been delivered in the past where a team of consultants could be working for years on implementing a new back end solution. With Bricknode you can now instantly set up your new back end solution and try it right away. If you don’t like it there are no long term contracts, you simply just cancel the service and you are free to go.
This is truly how I see that financial software should be delivered from now on!