The evolution of Digital Banking - Finuevo Suite

The evolution of Digital banking

The evolution of Digital Banking - Finuevo Suite

Many banks have been around for years or even hundreds of years. Some have invested heavily in technology. Most banks invested in technology in the last century and some were locked into vendors with old technologies. To break those chains is a massive challenge, and the rise of digital banking has been the solution. What does this mean?

During the last century, banks set their processes in concrete by buying expensive mainframe systems and infrastructure that was set in stone. As new opportunities arose – the call centre, the internet, the mobile phone – banks added these to their old systems and called them channels. The bank was locked into a physical structure, based on branches with buildings and humans, and digital was the cream on the cake.

Then a radical thing happened. The internet arrived. More than this, the mobile telephone developed. Afterwards, with the arrival of cloud computing and the smartphone, the world changed. Cloud computing made internal infrastructure and mainframes irrelevant. Cloud offered a mainframe on demand and a platform to open up the world through APIs (Application Program Interfaces); the smartphone placed access in the pocket and purse of near everyone in the world, with apps that were so simple that anyone could use them.

The combination created the digital world we live in today, and it’s a killer combination.

Obviously, banks have embraced this. By way of example, we talk about Open Banking where financial institutions can connect via cloud platforms using APIs to deliver enhanced services to smartphone apps. However, this is not really working because banks are still adding digital to physical, rather than being digital at the core.

It is the difference between a digital immigrant and a digital native. A digital immigrant tries to understand how the online world works and takes their old physical, analogue structures and tries to make them look digital; a digital native is born on the network and does not understand the old physical structures as they’ve never seen them.

This is the difference between last century banks and this century challengers. If you’re born on the network, you understand it; if you were born in the last century, you don’t.

The challenges this creates for older banks are immense. Their leadership generally are not digital people, and yet they want to be a digital bank; their organisation is built to be physical, and yet they want to be a digital bank; their systems and operations are cemented in physical distribution, and yet they want to be a digital bank.

This means that, to be a digital bank, a traditional bank has to reinvent itself like a Phoenix rising from the ashes. The bank has to shake off its physical structures and place digital at the core.

A good example of what this means was highlighted during the recent pandemic. As lockdown came, most traditional banks were forced to move their operations to be cloud-based in order to allow remote access for their customers and employees. However, becoming cloud-based meant moving existing processes, structures and operations to the cloud. There was no re-invention or re-thinking of structure to be truly cloud native.

This may seem irrelevant from the inside but, from the outside, is obvious to a customer.

As a customer of a traditional bank, we are forced to open their apps to see our balances and whether a payment has been made or received. As a customer of a digital acaabank, we never need to open the app, as the bank automatically alerts us every time a payment is made or received.

As a customer of a traditional bank, they are proud of our digital engagement and the fact that we use their app every day, to see if a payment has been made or received. As a customer of a digital bank, they are proud that you don’t need to use the app.

The traditional bank claims to be truly digital because we use their app; the digital bank knows that they are truly digital because we don’t need to use the app.

These are just some of the differences between digital-native banks and digital-immigrant banks. The list goes on and, over the next decade, we will see a market divide between digital-native customers and those who don’t care. The issue for traditional banks is that those who don’t care generally are the existing customers and not the next generation customers they truly need. Give it a century and it will be fascinating to see which banks win.

Get to know how a digital banking platform really works. Discover Finuevo Digital!

Finuevo Core Banking platform is released!

Finuevo Core, the evolution of, the internationally implemented core banking platform is released by Profile. Finuevo Core incorporates a new logic in Banking and offers a unique user experience through a brand new front-end. is an award-winning banking system and with this in mind, the Finuevo Core aims at delivering a more advanced native web, state-of-the-art, cross device and OS functionality through a responsive layout, offering the same look and feel across all devices.

The platform has been redesigned to deliver an optimum user experience, to improve user productivity and provide superior customer service. Through a straightforward and intuitive navigation within a modern interface, users have instant access to information and actions. Combined with high levels of process automation and streamlining, users interact as little as possible with the system, performing more tasks in the same amount of time.

Significant and competitive new features have also been incorporated such as voice activated commands, user alerting, chat and powerful workflow setup and management across all functions. Coupled with personalisation capabilities, such as dashboards, shortcuts and navigation history, the new Finuevo Core is a truly forward-looking platform to cover the needs of the modern Bank.

Finuevo Core is the next generation banking platform developed to meet current and future market trends. It can easily integrate through its API layer with any 3rd party system, and it can be used as the backbone to the bank’s operations offering a unified approach. Finuevo Core is seamlessly integrated with Finuevo Digital, Profile’s new digital banking platform, both part of the Finuevo Suite that delivers front-to-back, cloud- and SaaS enabled, end-to-end banking operations targeted to banks and financial organisations (e.g., EMIs, MFIs, Digital Lenders, etc.) that want to advance their digital transformation and offered services.

Profile sponsors the Banking Summit

Profile sponsors the Banking Summit

Profile sponsors the Banking Summit

Profile Software, a leading financial solutions provider, announced today the sponsorship of Banking Summit as bronze sponsor. This hybrid event entitled “Mapping the way to growth” taking place on 22 March at the Grande Bretagne Hotel Athens, and in live streaming, will address the challenges of the banking industry guided by industry experts.

In Banking Summit event, the post-pandemic recovery projects of the European economy will be highlighted along with the attractiveness of finance and banking industry in Greece and the investments. It will also elaborate on the digital transformation and the future of the banking sector.

Profile is a leading provider for the banking industry for the past 3 decades, investing in innovation and digital transformation whilst being in front run of technological advancements delivering the most suitable and pioneering platforms to global financial institutions. At the event, Profile will have the opportunity to liaise with industry experts to discuss on what’s new and how the new reality is affecting the sector. The latest addition in its portfolio, the Finuevo Suite, is a complete end-to-end banking platform which incorporates Digital banking (Finuevo Digital) with advanced Core Banking, Lending and Payments solutions (Finuevo Core).  A native-cloud system, for front-to-back operations using state-of-the-art tools to help users achieve exceptional day-to-day banking operations.

Profile supports industry leading events to showcase its constantly evolving product portfolio incorporating market trends with advanced functionality, whilst interacting with the market to better elaborate on trending and future needs.

For registrations follow the link here.