Business Forum • 19 July, 2024 at 8:40 AM
The adoption of digital technologies has become a critical factor in the evolution of the banking sector to develop and deliver financial services tailored to new customer requirements. According to KPMG, financial-banking institutions perceive fintech solutions as the main driver of change in the sectors in which they operate.
The increasing demand for solutions is visible in the rapid pace of growth of the global fintech market (CAGR of 25.18%), which will reach a value of €451.3 billion by 2028, according to consultancy BlueTree. The evolution is also visible in Romania, where the local market reached a value of €1.2 billion last year, according to "Fintech Report Romania & Bulgaria".
"The results achieved by the OTP Bank Romania Treasury team following the implementation of the Pluridio platform consisted in cost savings, increased operational efficiency and improved customer satisfaction by providing faster and more personalized services," said Marius Ionescu, CEO of Pluridio.
Fintech solutions are currently the main driver for the development and differentiation of the offer of financial-banking institutions in an increasingly competitive and dynamic market. The applications and services of local fintechs are rapidly diversifying and range from automation and sales support systems to streamlining treasury processes and ensuring compliance with the latest regulations.
Key players with local presence in this field include innovative companies such as FIS, Pluridio, Temenos, Fiserv, Fiserv, FintechOS, Finastra, Qualitance or Code Factory, offering digital banking platforms, mobile apps, digital payment solutions, robo-advisory, advanced risk management systems, etc.
Innovative solutions
Current trends in the sector include the increasing use of software applications for predictive analytics and process automation, the adoption of blockchain technologies for securing transactions, and the implementation of open APIs that facilitate integration with core banking systems. By adopting these technologies, banking institutions are aiming to improve operational efficiency, but also to create a personalized customer experience in order to increase their competitiveness.
Pluridio, for example, is a specialized provider of applications and services for the treasury departments of commercial banks. Solutions delivered by the company range from automation and sales support systems to applications to ensure compliance with MiFID II regulations.
One such innovative solution was recently implemented in the Treasury department of OTP Bank Romania to increase the efficiency of customer and transaction data management processes and profitability analysis. To meet these needs, Pluridio has implemented an advanced software platform, which includes a specialized CRM (Customer Relationship Management) system that consolidates customer data from the bank's various systems to facilitate customer relationship management. The solution facilitates real-time, up-to-date data reporting and provides extensive visibility into customer activity and the portfolios held by customers.
Pluridio has also developed a customized foreign exchange quote generator. The tool automates the calculation and optimizes the distribution of quotes for foreign exchange transactions ordered by the bank's customers through the internet banking application or at the bank's premises.
The implementation also included a system for compliance with the European MiFID II directive regulations. The Pluridio system provides automated classification of customers and durable storage of customer communications for the purpose of trading in products within the scope of MiFID II.