If you missed the keynote address from Sam Everington, CEO of Engine by Starling Bank at FinovateEurope earlier this year, here are some highlights that will make you feel as if you were in the room.
During his address titled, “From payments to core platforms: How can banks leverage data and technology to meet changing customer,” Everington relayed his experience at Starling Bank, detailing how the newcomer has remained competitive by using customer data in context to not only create a better user experience, but also cut costs.
Everington discussed the shifting expectations of consumers, who now anticipate a digital-first experience similar to those offered by big tech companies. Additionally, because customers seek fair, reasonably priced, and affordable services, in today’s current cost of living crisis, it is key that banks keep their costs low in order to retain consumers’ appetites.
Cost, in fact, was a big part of Everington’s keynote. He emphasized the potential cost savings for banks by increasing the use of technology and enhancing user experiences. He acknowledged that in the banking sector, technology is often viewed as a cost center and technology investments are primarily driven by cost reduction.
“In banks especially, technology and technology investment decisions are all about the business case,” Everington said. “Technology is a cost center to be controlled, and technology investment is by and large a cost reduction exercise.”
In his keynote, Everington identified real-time and flexible systems as essential elements needed to meet customers’ ever-changing financial situations, which can fluctuate multiple times a day. Banks need to proactively understand their customers, be aware of the products and services they hold, and respond promptly to any changes.
To address these needs, Starling Bank developed Engine, a technology platform that supports their operations. Engine offers flexibility, comprehensiveness, scalability, and reliability. These features not only enhance the customer experience but also ensure compliance with U.K. regulations.
Ultimately, Everington emphasized the importance of banks having an innovative platform that allows them to adapt and meet the evolving needs of their customers.