The war started in and Just ended inwhich then caused an alteration in the government political system to take on a democratic form. They are now in process of peace although they are still in the struggle of reviving their shattered economy and forging national unity. Burundi is a landlocked island surrounded by the Democratic republic of Congo, Rwanda, and Tanzania. Due to its poor economy, Burundi is at this moment burdened by huge debts and is struggling to pay those debts and revive their economic condition.
Customer relationships Loss of unique customer ownership being detrimental to loyalty and engagement. Create more enhanced customer relationships by addressing the needs of the data driven and digitally motivated customer.
Business Model and Identity Disintermediation of financial services leading to banks no longer being sole service providers of banking.
Create an ecosystem that enables banks to provide services beyond traditional banking. Revenue Loss of revenue from payment transactions and subsequent loss of customer revenue.
Ability to consolidate customer and non-customer data across all banks. Technology infrastructure Adapt capabilities to expose data via APIs in a secure and controlled manner. Build into a core business function supported by a fully fledged digital platform 4.
Leveraging PSD2 to Enter the New World of Open Banking The new world of open banking is one where banks and financial institutions collaborate with other service providers to offer products and services that go beyond traditional banking and also help manage customer lifestyles.
Figure 2 illustrates the typical journey of how a bank becomes a digitally transformed one through open banking. Banks should also be able to monitor API usage in real time in order to employ active throttling mechanisms that will regulate traffic according to infrastructure availability.
When a bank becomes PSD2 compliant, it takes the first and necessary step in becoming a digitally transformed entity. Banks can create a one-stop banking portal for customers with multi bank relationships to view account and transaction details.
This service, combined with a financial management tool to automatically categorize transactions and enable budgeting, goal-setting and data visualization, would be a compelling customer proposition for this target market.
Additionally, such a bank also receives consolidated financial data about its non-customers, thereby gaining valuable insights into market segments that the bank can eventually tap into and expand its portfolio. This can be leveraged to provide new services that allow the customer to better manage their lifestyles as well as cash flows.
Following are a few such examples: Banks can provide aggregate insights, such as trends, seasonalities, customer demographics, and even location analytics that help enterprises across different industries provide contextually relevant products and services to their clientele.
This type of insights-based selling adds another new and lucrative revenue stream for the bank. Apart from enabling the bank to reclaim lost loyalty, these new products and services help to add new revenue streams by going beyond traditional banking and becoming a lifestyle management partner to customers.
Conclusion PSD2 is not received positively by most banks, and that comes as no surprise. It puts banks in a vulnerable position by taking away customer ownership and loyalty, which banks have competed on for several years.
The key to looking at PSD2 and open banking as an opportunity, is to look beyond While banks may face initial challenges in their efforts to be PSD2 compliant, it can offer greater business benefits in the long term. Therefore, banks must recognize the wider scope and consider PSD2 as a digital transformation led opportunity that supports collaboration, intelligent selling, and business expansion.
Eventually, these efforts will translate to greater customer loyalty and retention than ever before. For more details about our solutions or to discuss a specific requirement contact us.Good governance is an indeterminate term used in the international development literature to describe how public institutions conduct public affairs and manage public resources.
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The term governance can apply to corporate, international, national, local governance or to the. Burundi Legal Position Paper. Category: Business LEGAL COMMITTEE Burundi’s Position on the Legal Aspects of Odious Debt Introduction Burundi, one of the world’s smallest nations, has just emerged from a year ethnic-based civil war.
LEGAL COMMITTEE Burundi’s Position on the Legal Aspects of Odious Debt Introduction Burundi, one of the world’s smallest nations, has just emerged from a year ethnic-based civil war. Lobbying, persuasion, or interest representation is the act of attempting to influence the actions, policies, or decisions of officials in their daily life, most often legislators or members of regulatory attheheels.comng is done by many types of people, associations and organized groups, including individuals in the private sector, corporations, fellow legislators or government officials, or.
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PSD2 is meant to shake the dynamics of the banking industry and pave the way to a new model of open banking. Any bank that embraces PSD2 as a stepping stone to the world of open banking (apart from considering it a compliance requirement), can reap the benefits of becoming a digital bank that caters to the data driven customer.
These digital banks will provide new digital products and services.