Platform Product Development in Financial Services: Unlocking New Revenue Streams and Customer Value

The financial services industry is undergoing a profound transformation. As digital disruption accelerates and customer expectations rise, banks and financial institutions are reimagining their business models—moving beyond traditional, product-centric approaches to become orchestrators of dynamic digital ecosystems. This shift to platform product development is not just a technological evolution; it’s a strategic imperative for unlocking new revenue streams, deepening customer relationships, and building resilience in an era of constant change.

The Platform Imperative: Why Financial Services Must Evolve

Platform business models, popularized by technology giants like Amazon and Google, have fundamentally changed how value is created and delivered. In banking, adopting a platform approach means moving from simply offering financial products to orchestrating a network of services, partners, and experiences that address the full spectrum of customer needs. This evolution enables financial institutions to:

Create new revenue streams by offering services beyond core banking—such as digital lending, payments, wealth management, and even non-financial products through third-party partnerships.
Meet rising customer expectations for seamless, personalized, and convenient experiences, mirroring the standards set by digital-native companies.
Avoid disintermediation by retaining control over customer relationships, rather than becoming a white-label provider for fintechs or non-bank platforms.

Banks have a unique advantage: deep trust relationships and access to rich customer data. By leveraging these strengths, they can build platforms that not only serve core financial needs but also integrate into broader aspects of customers’ lives—helping them navigate major life events, manage businesses, or access new digital services.

From Product Factories to Ecosystem Orchestrators

Transitioning to a platform business model requires a holistic reimagining of the bank’s role. Instead of operating as isolated product factories, banks must become ecosystem orchestrators—enabling customers, partners, and even competitors to interact and create value on their platforms. This involves:

Building open, API-driven architectures that allow seamless integration with fintechs, technology providers, and other third parties.
Fostering a culture of partnership and innovation, where collaboration with external players is seen as a source of strength, not threat.
Placing the customer at the center, using data and feedback to continuously refine offerings and personalize experiences.

Successful examples abound. Leading banks have launched digital lending and deposit platforms, partnered with fintechs to deliver new mortgage experiences, and even created platform-as-a-service ventures to help other institutions accelerate their own digital journeys. These initiatives demonstrate that platform thinking is not just for tech giants—it’s a viable, necessary path for banks seeking growth and relevance.

Key Enablers of Platform Success in Financial Services

To build and scale platform-based offerings, banks must focus on several critical enablers:

Talent and Agile Ways of Working: Attracting and developing talent with digital, data, and engineering skills is essential. Agile at scale—breaking down silos and enabling cross-functional teams—accelerates innovation and responsiveness.
Data Strategy and Governance: While big data is powerful, the real value lies in harnessing the right data at the right time. A robust data governance framework ensures that insights are actionable, secure, and compliant.
Customer-Centric Design: Platforms must be built around real customer needs, with rapid feedback loops and test-and-learn approaches. Personalization, powered by AI and analytics, is now an expectation, not a differentiator.
Open Ecosystems and Partnerships: Banks should embrace open platforms, inviting third parties to co-create value. This includes partnering with fintechs, technology providers, and even competitors to expand the range of services and reach new customer segments.
Scalable Technology Foundations: Cloud-native, modular architectures enable rapid scaling, integration, and resilience. Modern platforms support straight-through processing, real-time data, and the flexibility to adapt as new opportunities emerge.

The Role of Open APIs, Data, and Partnerships

Open APIs are the backbone of platform ecosystems, enabling banks to connect with a wide array of partners and deliver integrated experiences. By exposing core capabilities—such as payments, identity verification, or credit scoring—banks can empower fintechs and third parties to build innovative services on top of their platforms. This openness accelerates innovation, expands the bank’s reach, and creates new monetization opportunities.

A robust data strategy is equally critical. Banks sit on vast troves of customer data, but the winners will be those who can unify, govern, and activate this data to deliver real-time, personalized experiences. Data-driven insights inform product development, risk management, and customer engagement—turning information into a strategic asset.

Partnerships are the lifeblood of platform ecosystems. By collaborating with fintechs, technology providers, and even non-financial brands, banks can rapidly expand their offerings, tap into new customer segments, and co-create value. The most successful platforms are those that foster a vibrant, mutually beneficial ecosystem—where all participants, from customers to partners, see tangible value.

Lessons from Transformation Leaders

Banks that lead in digital transformation are more likely to prioritize partner networks and ecosystems, invest in intelligent technologies, and adopt agile product development. They recognize that no digitally enabled firm is an island—success depends on the ability to orchestrate innovative distribution networks and leverage external capabilities. For example, banks in Asia and Europe have accelerated transformation by launching mobile-first platforms, embracing cloud-native infrastructure, and forming strategic alliances with fintechs and technology partners.

Case studies show that platform-based approaches can deliver tangible results: faster onboarding, rapid product innovation, and the ability to meet stringent regulatory requirements while adapting to evolving customer expectations. These banks are not just keeping pace—they are setting new standards for growth and resilience.

The Path Forward: Embracing the Platform Mindset

Building a platform business model is not a one-time project—it’s an ongoing journey that requires vision, commitment, and resilience. Banks must:

Set bold, aspirational goals for platform growth and ecosystem participation.
Invest in the foundational elements: user experience, data, and technology.
Foster a culture that embraces change, experimentation, and continuous learning.
Build open, scalable platforms that invite collaboration and co-creation.

The future of banking belongs to those who can orchestrate ecosystems—connecting customers, partners, and services in ways that create lasting value. By embracing the platform model, banks can unlock new growth opportunities, deepen customer relationships, and build the resilience needed to thrive in a rapidly changing world.

Ready to explore how a platform business model can transform your bank? Connect with Publicis Sapient’s experts to start your journey toward ecosystem-driven growth and resilience.