The American Bankers Association (ABA) on Monday released its FinTech playbook, standards designed to help banks adopt new technologies to expand their services, and remain competitive.
ABA developed the Fintech Playbook in collaboration with Accenture.
The Fintech Playbook, available only to ABA bank members, analyzes digital technologies at all levels and in all areas of the business: channels, lines of business, and bank platforms and processes. It also recommends a four-phase approach to implementation.
The playbook describes 18 technologies and, based on an analysis by Accenture, their potential dollar value for banks. It also features a prioritization matrix to help bankers understand the level of potential benefits and the difficulty of implementation for each of the 18 technologies.
“This is clearly a transformative time for the financial services industry. The rapid convergence of banking and technology is reshaping how banks and their customers interact,” said Rob Nichols, ABA president and CEO. “This tool will help banks, particularly community banks, navigate the dynamic field of technological innovations.”