October 3, 2019 | Dr. Ashima Chopra
Category: Digital Transformation

fiorano-integration According to MGI Research, "the market for Agile Monetization Platform (AMP) software represents a new, large, expanding all-season opportunity with a total addressable market (TAM) exceeding $172 billion from 2018 to 2022." (MGI Research, MGI Forecasts in AMP Software 2018-2022.)

The drivers for this market among other factors, is “the push to automate (‘digitally transform’) the enterprise. The economics and agility of cloud computing solutions are also stimulating migration of workloads from traditional on-premise software solutions to cloud-based … options [that are essential to this transformation].” (MGI Research, MGI Forecasts in AMP Software 2018-2022.)

This monetization economy that is growing rapidly is underpinned by digital transformation and the reliance on technology that the user may decide is relevant for his/her needs, giving the user ultimate control and decision-making powers to design their “customer” choices, “customer” experience and determine their extent of use.

It is the control and transparency that digital tools have provided the customer that has, in part, led to the emergence of Fintechs and Financial Solution Providers. They have seized the opportunity afforded them due to the emergence of handing control to the customer so as to provide the customer with a variety of solutions outside the traditional Banking realm, for example.

But digital applications and solutions, (given they are used by end users that are customers that need to be protected against, crime, fraud, scams), are heavily regulated. To meet these regulations is mandatory as we have seen in the Banking, payments, retail sector with the emergence of many regulations such GDPR, PSD2, AML.

To effectively use new digital tools and attract customers who would use these tools, therefore, requires that deep knowledge of these regulations and the application of these to business needs is provided, so as to take the business into the new “monetization” space, where money is earned for the business only when customers CHOOSE and USE its digital offerings.

Achieving these objectives can be difficult and time-consuming without agile, cloud-based regulatory digital platforms.

Fiorano offers a PSD2 Accelerator and an Open Banking Platform that offers key features that will not just assist in business growth but are essential for growing the business while complying with industry mandates.