Woman photographing a check using a mobile phone

Modern financial institutions are transforming themselves to meet the challenges of the digital marketplace. IBM Code’s finance patterns enable you to explore and develop new and exciting financial apps to help your organization be a leader in the new wave of 21st-century retail banking services.

In this period of change, banks need to redefine the value they want to supply to their customers: Do they want to fund the dreams of millennials and future generations? Are they prepared to become a digital fund service provider, which might require a complete rethink of the banking services they deliver? Do they have the commitment and foresight to make necessary changes?

Fintech disruption

Some banks are trying to keep up with rapid industry innovations by purchasing fintech technologies, using those technologies to create new entities, and then integrating them into their main business. Many are improving their lending and risk assessment by adopting cognitive technologies. Truly responsive banks are using electronic clues that their customers provide to fully understand what the marketplace is looking for from banking services. The latest advances in cognitive computing, combined with new data sources and a readily accessible cloud computing platform, creates the opportunity for massive innovation. Banking boardrooms have become a hotbed of debate about transformation, and which changes are necessary for banks to survive and thrive.

This self-reflection means taking an in-depth look at the connection between customer, retailer, and lender. In addition, there are often new players in the mix — think Apple Pay — that make it challenging for banks since they still carry the cost of transactions. Each organization acquires massive amounts of data, and even though banks are ready to utilize that data, customers are rightly concerned about the way their information is used. Can banks be a disruptor and use the data while maintaining their customers’ approval?

Code patterns for banking

Business, like nature, is about patterns. New patterns are recognized from the vast selection of data resources, and lenders are eager to gain new insights from those patterns. Banks are finding creative ways of mining new information; for example, ASB Bank and its Like Loan campaign. As with all new technologies, banks should not forget to look after their own people. They need to set examples that inspire future leaders to adopt forward-thinking strategies and point the way for others to transform themselves to modern, “cognitive” banks.

If you’re working in development for a retail bank, it’s time to join the digital transformation. IBM Code is making it easy for you to begin your transformation. Discover your code pattern today and learn how to build the apps that your customers — and employers — will find most useful. You’ll find all kinds of code to help you get started, including patterns such as Create a real-time payments application and Create a cognitive banking chatbot.

It’s a great time to be working in finance and technology — the future of banking has never looked so promising!

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