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Finance

Posted By Jessica Weisman-Pitts

Posted on January 28, 2025

Interview: Siobhan Byron, Finastra – Finance is open, and so are the opportunities it unlocks

Siobhan Byron, EVP, Universal Banking oversees Finastra’s Universal Banking business, including market leading core banking and digital solutions globally. She has deep technology industry expertise, and more than 25 years of experience in IT and channel management, as well as leading and growing prominent technology companies across a range of sectors such as financial services, insurance, manufacturing, and public sector.

She’s passionate about innovating to drive growth and unlock new revenue opportunities. A highly regarded technology executive and transformative leader, Siobhan champions Finastra’s open culture and is a strong advocate for diversity and inclusion. She is the Executive Sponsor for the company’s LGBTQ plus and Friends initiatives, as well as supporting the Women at Finastra group.

Siobhan, can you tell us more about Finastra’s view on the importance of open banking?

In 2017, Finastra boldly stated that the future of finance was open. Now, this future is a reality. Finance is becoming more open, and so are the opportunities it unlocks. Finastra is empowering the financial services industry to harness the power of this open financial landscape, helping to make financial services accessible, affordable, and available to everyone. Finastra’s cloud-first Universal Banking solutions offer a next-generation digital banking platform that revolutionizes core banking. By combining rich, broad, and deep banking functionality with advanced technology, banks can rapidly create innovative products and deliver personalized services that build customer loyalty and drive growth, while reducing costs and managing risks in a dynamic open financial landscape. Effectively we enable banks and other financial institutions to reimagine banking.

How important is it to support the unbanked and underbanked?

Championing financial inclusion can be achieved by democratizing access to banking services. We’re breaking down traditional barriers, helping our customers offer equitable opportunities that allow more people to participate in the financial ecosystem than ever before. This fosters a more inclusive economy where everyone can manage their financial health.

However, financial exclusion remains a significant barrier to economic empowerment, affecting both individuals and the broader economy. To address this, robust solutions are available that enable banks to extend accessible financial services, such as savings accounts and credit facilities, to unbanked populations, promoting a more inclusive economy. Additionally, banks face challenges in engaging with local communities. By evolving into community pillars, banks can contribute to regional economic development, empower small businesses, and support local projects through tailored financial services.

Unbanked and underbanked populations represent untapped markets with substantial growth potential, often overlooked by traditional banking models. By developing products and services specifically for these niche markets, financial institutions can unlock new revenue streams. Furthermore, in a socially conscious market, banks are increasingly expected to operate ethically and responsibly. Inclusive banking aligns with corporate social responsibility by extending financial services to underserved sectors, promoting social equity. As digital transformation progresses, there is a focus on ensuring that technological advancements enhance financial inclusion by lowering the cost of delivering innovative, tailored products across preferred channels, thus increasing access to financial services. Put bluntly, we help banks and other financial institutions reach more customers, in more places, with more appropriate and lower cost products.

How can banks foster responsible, data-driven banking?

Financial institutions must combine facts with insight, and data with expertise to achieve long-term success. We enable banks and other financial institutions to responsibly harness data while leveraging the latest technology to deliver insight-driven banking services. This covers a wide range of initiatives, including ESG-first banking programs like green lending, eliminating bias in decision making and leveraging automation to ensure that every customer reaps the benefit of the combined intelligence of financial institutions.

Banks today face significant challenges in managing the vast influx of raw data from multiple sources. And the flow of augmented data will only increase – generated and consumed by Gen AI. While this data holds the potential for valuable insights, it also creates complexities in data management and utility. To address this, advanced systems are provided that securely process, store, and analyze large volumes of data, enabling banks to make more informed decisions. Additionally, bias in decision-making is a critical issue that can undermine the integrity of banking operations. A multifaceted approach is needed, including advanced analytics to identify and eliminate biases, staff training to avoid subjective judgments, and the development of objective decision-making criteria supported by automated platforms.

Regulatory compliance also continues to be a major concern, as banks navigate a complex and evolving landscape of regulations. Robust compliance programs are essential alongside regular audits and employee training. Lastly, enhancing customer experiences in the digital age requires banks to use data effectively to deliver personalized services, striking a delicate balance between customization and privacy. Achieving this level of service demands sophisticated data analysis tools and a deep understanding of customer needs, supported by a blend of technology, business expertise, and experience.

How can banks successfully transform their banking capabilities?

In today's fast-evolving digital landscape, customers expect banking services to be as seamless and accessible as online shopping. The challenge for banks is to meet these demands without disrupting their existing customer base. With advanced banking solutions, financial institutions can confidently navigate digital transformation. Whether through branches, online platforms, or mobile apps, these solutions support current channels while being flexible enough to integrate future ones. This allows banks to deliver always-on, location-independent banking services that align with modern customer expectations.

Facing increasing competition from fintech companies, traditional banks need innovative solutions to remain competitive. Open APIs and comprehensive banking functionalities enable rapid product development and faster market responses. This helps banks launch new customer-centric services with agility. In addition, Finastra ensures regulatory compliance through systems designed to keep pace with evolving regulations. For banks dealing with outdated legacy systems, adopt modern, cloud-based solutions that provide flexibility and innovation without disrupting business operations.

Getting there, replacing legacy systems that inhibit rather than enable business ambitions can be tremendously challenging. The days where total system replacement (big bang) is the only option are gone. With next generation platforms, transformation programs can be derisked with advanced approaches such as symbiosis where new capabilities are rapidly deployed alongside existing systems, seamlessly integrating with existing infrastructures.

In a world where finance is open, with the right technology and partners, there is no limit to reimagining banking. As we say: “our core, your vision”.

Read more in our ebook.

#FinanceIsOpen

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