Chapter 10 transforming LegaCy Banking appLiCations to Banking experienCe pLatforms Key Tenets of a Banking Experience Platform Following are the main tenets of a banking experience platform: • User-centric experience redesign: The end user interface should be designed to provide seamless experience across the user journey at all the touch points. The user interface should be personalized based on user preferences, needs, and wants. The user interface design should provide a single-stop view of all activities such as transactions, payments, and deposits. • Customer insights gathering: The banking interfaces should be integrated with analytics software to gather insights about customer activities. Cross-channel analytics (analytics across various channels) helps us to provide more personalized experience and provides targeted content, promotions, and products/services. • Optimized business models: A modern banking experience platform redefines the business processes to provide an automated, frictionless, and seamless user experience at all touch points. • Leveraging modern digital technologies: Next-generation banking experience platforms leverage artificial intelligence (AI) to provide self-learning capabilities; comply with regulations; do form processing, search, and credit scoring; and provide conversational interfaces to provide superior user experience. AI technologies can be leveraged for portfolio planning, wealth planning, chatbots, virtual assistants, and such. Other digital technologies that are applicable in the banking domain are Blockchain (a sophisticated distributed ledger), IoT, big data, APIs, and the cloud. • Digital open ecosystem: Modern digital banks leverage APIs to aggregate all necessary services (such as payment, lending, social, etc.) to create an extensible banking platform. Using microservices and APIs, the next-generation banking platform should be able to aggregate information and integrate with partner systems to provide a frictionless experience. 262