Beyond Banking: Revolutionizing Finance in the Digital Age 

In the ever-evolving landscape of finance, the concept of “beyond banking” is ushering in a transformative era. As a leading SAAS software provider catering to the lending and borrowing financial industry, TurnKey Lender is at the forefront of this evolution. In this article, we will explore the paradigm shift of “beyond banking,” delving into its significance, industry analysis, and compelling statistics. 

The Beyond Banking Revolution 

Traditional banking, once confined to depositing and lending money, has evolved into a multifaceted approach known as “beyond banking.” This innovative shift extends the role of financial institutions far beyond transactional services. At its core, “beyond banking” means: 

Industry Insights and Statistics 

To understand the magnitude of this transformation, let’s explore industry insights and statistics that highlight the growing impact of “beyond banking”: 

• According to a recent McKinsey report, the implementation of ecosystem-driven strategies has the potential to increase revenue for banks by up to 10%. This statistic underscores the financial opportunities presented by going beyond traditional banking boundaries. 
• In a world reshaped by the pandemic, digital banking and “beyond banking” concepts have experienced a meteoric rise. A study found that 67% of consumers now use digital banking weekly, highlighting the growing relevance of these innovative approaches¹. 
• The SME (Small and Medium-sized Enterprises) market, a prime focus of the “beyond banking” trend, has seen a surge in interest. 78% of SMEs express interest in non-financial services provided by banks within ecosystems². 

• As financial institutions adopt “beyond banking” strategies, customer retention rates have increased by 30%, showcasing the impact on customer loyalty³. 

Ecosystems Redefined 

Central to the “beyond banking” revolution are ecosystems. These represent interconnected networks of services and solutions that extend well beyond traditional banking boundaries. Ecosystems go beyond the role of a mere financial institution and position banks as holistic service providers. 

One notable example is BNP Paribas Group, which pioneers innovative solutions in areas like home, mobility, shopping, and healthcare. They redefine the customer experience by offering services that transcend conventional banking. 

SMEs at the Forefront 

SMEs play a pivotal role in the “beyond banking” transformation. Often underserved by traditional banks, SMEs stand to benefit immensely from the expanded offerings within ecosystems. 

The Power of SAAS Solutions 

To thrive in the realm of “beyond banking,” financial institutions require agile and robust SAAS software solutions. TurnKey Lender provides cutting-edge technology that empowers banks to diversify their service portfolios and enhance customer engagement. 

Charting the Course Forward 

As the “beyond banking” transformation unfolds, financial institutions must be prepared to adapt, innovate, and continually expand their offerings to meet the evolving needs of a changing world. The trajectory of “beyond banking” points towards a future where financial institutions are not just lenders but enablers of holistic well-being. 

In conclusion, “beyond banking” represents more than just a buzzword; it symbolizes a fundamental shift in the financial industry’s role and relevance in people’s lives. As ecosystems flourish and digital banking takes center stage, the possibilities are boundless. By embracing this transformation, financial institutions can create value, foster customer loyalty, and redefine the future of finance. 

Explore more about how your lending business can benefit from open banking and the permanent disruption of lending through open banking in our blog posts. Additionally, learn about 10 vital KPIs for measuring the value of your digital banking operations and the digital transformation of banks for further insights.