Across Five Degrees' growing customer base, the relevance of our solutions to financial institutions of all sizes, focus and evolution is clear. The customers span the niche disruptive start-up, at one end, to tier one banks at the other. Matrix is an ideal platform for full digitalisation whether for wealth management, retail banking, universal banking or SME banking. And by seamlessly integrating and orchestrating internal and external systems through Open APIs, Matrix meets the new challenges of 'marketplace banking', whereby institutions, in part enabled by new regulations, seek to offer third-party as well as home-grown products and services.
Banking is no longer a closed shop, it is about collaboration, white labelling and reselling, so that customers can be offered a tailored, broad set of services that are appropriate for their particular circumstances, when and how they need them. That new openness is underpinned by much better use and provision of data and is embodied within the concept of “open API (Application Programming Interface) banking”. Matrix can transform closed systems into truly open ones, connected to the outside world for next generation collaborative working.
For any new entrants, a blank canvas is both exciting and challenging. You want to be able to harness leading edge technology as part of the competitive advantage but that technology also needs to be robust, affordable and able to scale as your business grows. Matrix has provided the perfect foundations for new entrants, meeting all of these criteria, while Five Degrees’ expertise, culture and energy mean we are your ideal partner.
The wealth management space is one of the most complex and competitive areas in financial services, with the need to provide clients with tax advice, investment advice, wealth protection and succession planning advice, all within ever tighter regulatory frameworks. As with all other areas of finance, new entrants are shaking up the sector, helping to raise customer expectations. Matrix is a next-generation, low cost and flexible solution that allows entrants and incumbents to meet and surpass those expectations.
Within wealth management, robo-advice is one of the next big disruptors in banking and investment advisory services. KPMG predict that robo-advisors will manage $8 trillion in global assets by 2020. Investment advice has traditionally required intense human contact and was typically only available to high net worth individuals. Five Degrees’ technology can unlock the potential of robo-advice to allow new fintech challengers and existing wealth managers to capture a new generation of investors.
With the entry of non-traditional players (both FinTechs and other challengers) in the already competitive SME lending market, a prerequisite for success is better customer experience, innovation and operational excellence. That needs flexibility, speed of decision-making and consistently high-quality customer experience on any device. As shown at our lending customers to date, Matrix can help banks to make the transition.
In a low-margin, high capital world, efficiency is paramount. The hard-to-maintain, inflexible, costly and ever more fragile legacy infrastructures of many banks need replacing but “big bang” rip and replace projects come with huge risk and with multi-year timescales. Matrix can facilitate a much smarter, phased migration, “wrapping” the legacy in the first instance to bring fast returns on investment and allowing institutions to undertake a phased replacement of their legacy, moving at their own pace.
Matrix operates in a fully automated model with an unparalleled level of self service at every touch point. Giving both customer and bank instant insight and control in the process.