Why bank business models need platform thinking
Platform businesses are not a new phenomenon. It’s a way to optimize a business in the digital age. Modern tech companies like Google, Apple and Amazon use a platform business model to focus on connecting users rather than creating products or services. As these giant tech companies move into the payment industry and offer customers more relevant products and personalized services, banks need to rethink their business model in order to keep up with the competition and ultimately focus on solving customer problems.