Multi-bank platforms, SWIFT, Bloomberg - why banks still invest in their own digital features

Multi-bank solutions such as Bloomberg for market-making across all asset classes in capital markets or 360T for foreign exchange services are a must-have these days being integrated into the banking offer end2end. Customers expect all banks to be present there and the pressure will even rise in the coming years. But what are the advantages of developing your own digital features like myRaiffeisen.com, which are offered in addition to these standard platforms?

For smaller institutional clients, such as smaller banks, payment services providers, insurances, asset managers or pension funds, global players and their platform offers are often too expensive and oversized. This is exactly the niche for a regional player such as RBI with tailored offers for this segment. As a regional bank with subsidiaries throughout the CEE region, we have a more flexible size than global banks, with easier decision-making processes. Therefore, we can launch new solutions faster than large banks. To be fair: FinTechs are usually ahead in terms of time-to-market, but at what cost? 

In the future, it will not only be a question of what data customers receive from banks, but also vice versa. One factor is: Who do I trust with my data? Banks have a trust advantage because of the high regulatory requirements they must meet. Clearly a benefit when it comes to data protection and compliance.Customers not only want to have more and more data at their disposal, they also want to work with this data. Detailed data on transactions, extensive reporting and export functions are therefore an important factor. With automated data streams, process resilience is increased and fewer errors occur. Especially in Eastern Europe, these data processes need to be synchronized and regional banks like RBI have exactly the right solutions and know the market.

SWIFT is still the standard communication for banks, but especially for Non-Bank Financial Institutions or Payment Service Providers the connection via API (application programming interface)  is a hot topic, which we support with our own developments. For example, for institutions in the securities sector without Swift connectivity, we can provide the same functionalities via digital solutions such as the Global Investor Gate offering Order-Entry possibilities. Insurance companies and PSPs can communicate via different gateways. Larger market players have their own API for data exchange. In the area of treasury management, for example, we have already integrated APIs for a plug-and-play experience, and for asset managers, we offer the entire product range and, for example, the innovative Fund Hub.

When it comes to correspondent banking services towards and from our home region, RBI is among the top players in the CEE Region – not only performance-wise but also when it comes to digital offerings and solutions, especially in prime securities services,  cash management, or the trade finance environment. With our local subsidiary banks, we offer uniform solutions, which is particularly important for insurance companies, for example, as their customers use local payment transaction services.

While FinTechs often solve a specific problem very well, our own digital services focus on a 360° view of customer needs. The digital solutions are centrally accessible and complement each other. This is where the single sign-on functionality scores, by being a central gateway to different digital banking tools.  As a relationship bank, we know the market and the needs of our customers – a win-win-combination for institutional clients.