Bankloch

All business processes in the banking industry contain quite some specific business logic. Rather than coding this aggregated in one business application, it is wise to setup separate components for this logic. These components we will refer to as   financial engines   in this blog. Usually these engines can be quite easily isolated, as they receive a well-defined input and provide a well-defined output and typically don’t execute themselves any operational data manipulations (thus avoiding the data segregation issues which are probably the most complex issues to solve in a microservices architecture). These engines can manage the orchestration of the workflow (workflow engines), the characteristics of products (product engines), the next-best-offer/recommended products (recommendation engines), the generation of output notifications (notification engines - cfr. my blog " Notification management - Don’t underestimate its importance and complexity " -   https://bankloch.bl...

In today’s world, companies need to fight hard for consumer’s time and attention. For financial service companies this is no different. As financial services are often perceived as boring and complex, many banks and insurers have difficulties to engage with their customers (especially now that contacts have become more and more digital). Obviously a higher user engagement allows more user data (and associated insights) to be gathered, but also gives more (cross-) selling opportunities and results in a higher customer retention (i.e. increased customer loyalty). Some banks and insurers try to boost this engagement with their existing customers and with new prospects via 3rd party platforms (i.e. via so called embedded financial services), others try to attract users to their own app by offering 3rd party services in a sort of a super-app setup (cfr. my blog " From app to super-app to personal assistant " -   https://bankloch.blogspot.com/2020/08/from-app-to-super-app-to-person...