After three years in the making, PwC has lifted the veil on its consumer-first, collaborative banking marketplace named Tysl. Comprised of 10 collaborating fintechs, this marketplace will be a groundbreaking initiative that will offer an ecosystem that will enable companies to access all the tools they need with personalization at the core.
Tysl addresses the reality that digital banking experiences are continuously evolving, with consumer expectations for personalization, efficiency, and comprehensiveness of product growing. While digital interaction cannot replace important human encounters with banking, Tysl aims to optimize all the digital aspects of banking, to provide more impactful data, reliable insights, and powerful analytics to help customers meet individual needs from buying a house, to financing a business, to receiving insurance.
The digital banking platform has been designed specifically to resolve the common issues faced in business, customer experience, and technology challenges. Capabilities that will be serviced include advanced offerings such as complex customer journey metrics, Customer Relationship Management, Know Your Customer, and Credit Decisioning.
Speaking on Tysl, James Morgan, Lead Partner said, “Tysl illustrates a new way of delivering digital solutions via a modern, low cost and customer centric banking platform. It is helping our clients reach new customers, upsell and grow toppling revenue by adding enhanced capabilities and significantly reducing the costs of servicing the client from onboarding to in life servicing.”
Collaborating on Tysl will be fintechs Mambu, Yoti, Kompli Global, DueDil, Just Move In, SignNow, Codat, Flexys, Salt Edge, Credit Kudos, LendingMetrics, and Gazeal. An API-enabled approach will be used to integrate the different platforms, allowing the software applications to communicate with each other. Working together, the organizations will be able to significantly improve performance across a range of key measures.
Tysl is a remarkable example of the future of fintech, one where many can collaborate together to create a comprehensive experience for customers across a range of needs, with no holes in the service. With fintechs having a proclivity to service one area well in lieu of being broad in capabilities, customers are often faced with the burden of having to sign up to many different fintechs and operate with each independently of the other. Under PwC’s stewardship, this will be proof of the way forward for fintech.