It is here that Celent would like to put forth a conceptual system as an open innovation platform to realize a platform layer (rules formulated under the new framework) and innovation layers (creation of new services within the new framework). The expectation is that the conceptual system could fulfill the role of application programming interface (API) provider in the era of the API economy.
This is a theoretical blueprint envisioning a situation in which financial institutions share an infrastructure with industry—sectors including manufacturing, retail, and logistics. This will transcend B2B (business to business) to include B2C (business to consumer) such that information and data related to the daily lives of consumers will be combined through API with financial institution information, with the goal to bring technology—and through it, financial services—seamlessly into the everyday lives of consumers.
Historically, the flow of commerce and lives of consumers have been far from seamlessly connected. Moving forward, these technology and payment developments can be expected to bridge this gap by bringing the flow of money between the two closer together.
When envisioning the financial services of the future, one must ostensibly imagine services that transcend the traditional confines of financial services and that are more intimately intertwined with corporations and their activities as well as the lives of consumers. The advent of fintech continues to raise the expectations of financial services customers.
Indeed, the key to competition in financial services may lie outside the financial industry, coming from services and businesses that specialize in knowing the customer such as YouTube and Ritz-Carlton, customer behavior prediction such as Google and Amazon, or even referencing how social networking services (SNS) seek to clearly iterate their services and realize simple interactions. In short, meeting these needs and expectations can be seen as a compass that points toward the financial landscape of the future.
Figure 4: Open Innovation Platform
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