The banking ecosystem has become a highly competitive environment for traditional banks. Fintechs are gaining market share, with innovative financial products that are being delivered through agile, customer-focused business models.
As financial institutions evolve to compete in this space, more and more are turning to composable banking. A great example of this is
Western Union, who launched two digital banks with Deloitte and Mambu in less than a year – an incredible feat.
This trend is set to continue. Gartner predicts that by 2024, at least 60 percent of finance organisations will be seeking composable finance applications in new technology investments.