Financial institutions hoping to keep pace with rapid customer and markets changes have to first change how they think about technology if they want to survive in a digital world. Instead of seeing it as something that has to be done at great length and expense, it should be seen as a strategic advantage - if the right approach is taken.

Given the rate technology evolves, cloud based and cloud native solutions offer the most flexibility. Institutions embracing an API-driven composable architecture can to tap into the full potential of cloud technology. While the traditional approach is all or nothing, building an end-to-end solution which relies on a single vendor who is be responsible for the implementation, a composable API-driven approach embraces the thinking that no single company can be the best at everything. 

Taking a composable approach allows for collaboration with partners and developers to create a comprehensive and seamless architecture which can be tested, adopted or replaced without risk. It give institutions a choice to implement the best suited products and services, reducing risk.

Each company is focused on a specific part of the architecture from the SaaS banking engine to chatbots or credit scoring, to analysing customer data insights. This allows multiple integrations to specialised complementary cloud services. Both the business and IT teams are able to make changes quickly, adopt new technologies or switch providers and services - all without having to depend on an army of coders or consultants for execution and customisation.

Companies looking to adopt this model can own the process, selecting, integrating and managing delivery process which gives them maximum control and flexibility or choose to work with an integrator. Both options put them in control of the build, no longer at the mercy of vendors controlling the implementation and resources.

Apart from flexibility, a composable approach also prepares organisations for innovation and the next market shift. The digital banking space is dynamic and evolving at a rapid pace. It also keeps institutions current with the latest technology through continuous delivery. Easily interchangeable building blocks mean the smallest change can be delivered directly into product development and is infinitely simpler than rolling back multiple changes, reducing risk, costs and improving the response to customer needs and competition.