Enterprise Gateway Marketplaces: The Future of Bank-Fintech Partnerships 

Picture of Varun Resh

Varun Resh

Fintech & Emerging Technologies

The marketplace landscape has undergone significant transformations over the years. It’s evolved from simple two-sided platforms to complex ecosystems that cater to a myriad of industries and needs.
Traditional marketplaces have primarily focused on connecting buyers and sellers in straightforward transactions. However, as technology advances and business requirements become more sophisticated, they can no longer effectively address specific challenges and opportunities within various sectors.
The Enterprise Gateway Marketplace (EGM) has emerged as a response to that, and NayaOne is at the forefront of this evolution.

What Is an Enterprise Gateway Marketplace (EGM)?

An Enterprise Gateway Marketplace (EGM) is a specialised evolution of the traditional two-sided marketplace model, tailored specifically to meet the needs of large enterprises, such as banks and other financial institutions, and their interactions with a diverse array of external vendors.
Unlike conventional marketplaces that typically connect buyers and sellers for straightforward transactions, EGMs are designed to facilitate and streamline complex, high-volume interactions between large organisations (2000+ employees) and multiple smaller vendors.
In an EGM, large enterprises occupy the demand side, requiring efficient and compliant ways to engage with numerous external vendors who form the supply side. These vendors, often small to medium-sized businesses, provide a variety of services and products that enterprises need to operate effectively.
NayaOne’s Technology Marketplace is a prime example of an EGM, specifically designed to bridge the gap between financial institutions and fintech providers, streamlining complex interactions and fostering innovation, through bank-fintech partnerships.

What are the advantages of EGMs for Financial Institutions?

EGMs offer several significant advantages to large corporations, fundamentally transforming how they operate and interact with external vendors.

1. Streamlining Internal Processes and Improving Efficiency

EGMs simplify and streamline internal processes, reducing the bureaucratic red tape that often hampers large organisations. By providing a centralised platform for procurement and vendor management, EGMs facilitate faster decision-making and reduce the time and effort required to engage with external vendors.
NayaOne enhances this efficiency by allowing enterprises to discover, evaluate, and build multiple proofs-of-concepts within its Digital Sandbox in as little as 6-9 weeks, significantly cutting onboarding times and saving costs.
This increased efficiency allows employees to focus on their core tasks, enhancing overall productivity.

2. Access to the Best External Vendors and Innovative Solutions

EGMs empower employees by giving them access to a broader range of external pre-vetted vendors. This enables them to choose the best vendors for their specific needs, ensuring higher quality services and products.
NayaOne’s pre-vetted Fintech Marketplace offers an expertly curated selection of innovative fintech solutions, ensuring enterprises can leverage the most suitable and innovative solutions available.

3. Enhanced Spending Control and Compliance for Senior Executives

For senior executives, EGMs offer enhanced control over corporate spending. The platform’s centralised nature ensures that all transactions are tracked and compliant with the organisation’s policies.
NayaOne’s robust compliance and oversight capabilities ensure all vendor interactions adhere to regulatory and compliance standards, providing executives with the necessary visibility to ensure regulatory adherence and maintain organisational integrity.

What is the impact of EGMs on Big Banks and Financial Institutions

1. Transforming Corporate Structures and Operations

Enterprise Gateway Marketplaces have the potential to revolutionise corporate structures and operations. By integrating EGMs, corporations can break down internal silos and foster a more dynamic and flexible organisational structure.
NayaOne facilitates this transformation by enabling a shift towards a more agile operational model, where employees can efficiently collaborate with external vendors to meet their needs, allowing corporations to respond quickly to market changes and innovation opportunities.

2. Shift from Internal Network Structures to Efficient External Collaborations

Traditionally, corporations have relied on dense internal network structures to manage operations and drive efficiency. However, these internal networks often become congested and hinder swift decision-making.
NayaOne’s enables a shift from these cumbersome internal structures to more efficient external collaborations. By leveraging NayaOne, corporations can tap into a vast network of external vendors, reducing reliance on in-house resources and expertise, accelerating project timelines, and introducing a wider range of specialised skills and services.

How is EGM different from traditional vendor outsourcing?

Traditional outsourcing models involve long-term, high-cost contracts with large service providers. These arrangements often lack flexibility and adaptability, making it difficult for corporations to pivot quickly in response to changing needs.
In contrast, EGMs, such as NayaOne’s Technology Marketplace, offer a far more flexible and cost-effective solution. NayaOne facilitates project-based collaborations with a diverse array of vendors, enabling corporations to adjust their external partnerships as needed, optimising vendor relationships for the best outcomes.
NayaOne enhances transparency and compliance, which are often challenging to manage in traditional outsourcing models. With synthetic data and comprehensive oversight capabilities, NayaOne supports corporations to maintain control over their external engagements, improving compliance with regulatory requirements and overall corporate governance.

What Makes a Successful Enterprise Gateway Marketplace?

1. Single Point of Access (Gateway) for Multiple Buyers

Successful EGMs feature a centralised gateway that serves as the primary access point for multiple buyers within large enterprises. This gateway streamlines the procurement process by providing buyers with easy access to a diverse array of vendors and services.
NayaOne exemplifies this by consolidating vendor options into a single platform, simplifying decision-making for buyers and enhancing overall efficiency.

2. Vendor Vetting and Focus on Compliance

Vetting and compliance are critical aspects of EGMs. To gain traction within large enterprises, EGMs must navigate the complex approval processes imposed by various departments such as IT, legal, finance, HR, and procurement. Therefore, it is essential that onboarded vendors are expertly vetted and approved.
NayaOne ensures that onboarded vendors are expertly vetted and approved, maintaining ongoing compliance with regulatory standards and internal policies, establishing itself as a trusted partner within the enterprise ecosystem.

3. Helping Vendors Comply with Enterprise Requirements

Vendors operating within EGMs must adhere to enterprise requirements, especially in the financial industry, to ensure seamless collaboration and compliance. Successful EGMs support vendors in meeting these requirements by providing guidance, resources, and tools to facilitate compliance.
Whether it involves security protocols, legal obligations, or procurement standards, EGMs empower vendors to navigate the complexities of enterprise environments effectively.
NayaOne supports vendors in meeting these requirements by providing guidance, resources, and tools to facilitate compliance, fostering a conducive marketplace ecosystem where vendors can thrive and deliver value to enterprise customers.

How to Find Your Ideal Fintech Partner within NayaOne?

It’s not just about picking a vendor. Finding fintech partners within an Enterprise Gateway Marketplace requires a strategic approach. Here are several steps to guide the process:

1. Vendor Discovery

Begin by thoroughly researching the EGM to understand its structure, user base, and available fintech partners. Explore the platform’s features, categories, and search functionality to identify fintech solutions relevant to your needs. Utilize the EGM’s search filters and categorization tools to narrow down fintech partners based on specific criteria such as industry focus, product offerings, and use cases.
NayaOne’s Fintech Marketplace offers an intuitive search feature and a comprehensive categorisation tool, simplifying this process and helping you find vendors that meet your needs.
Dive deeper into the profiles of potential fintech partners to gain insights into their capabilities, expertise, and value proposition. NayaOne ensures detailed vendor profiles, providing all necessary information to assess compatibility with your requirements.

2. Leverage Tech-Sprints and Hackathons

Engage in tech sprints and hackathons to interact directly with fintech providers and explore partnership opportunities. These intense, focused events foster rapid innovation and problem-solving.
Banks, regulators and financial institutions can leverage NayaOne’s platform to organise their own tech sprints and hackathons. This allows them to tailor the events to their specific needs, driving bespoke solutions and fostering innovation within their organisation. For instance, regulators and large global banks regularly use NayaOne’s platform to run tech-sprints and hackathons to bring together participants from across and outside of financial services to address industry challenges.

3. Run Proof of Concepts in 6-9 weeks

Engage with selected fintech partners to run one or multiple proof of concepts (PoCs) within the NayaOne Digital Sandbox. This approach allows you to thoroughly assess the functionality, performance, and suitability of the fintech solutions in a secure air-gapped environment in as little as 6-9 weeks. NayaOne’s sandbox enables you to validate the effectiveness and potential impact of these solutions before procurement, significantly reducing onboarding times and costs.
The rise of Enterprise Gateway Marketplaces (EGMs) marks a pivotal shift in how large enterprises, particularly in the financial services sector, interact with external vendors.
NayaOne is revolutionising the landscape of bank-fintech partnerships through its comprehensive digital transformation platform. NayaOne empowers enterprises by helping them enhance productivity, increase revenue, and reduce risk, in turn helping them release new products and onboard new vendors 10x faster. With NayaOne, enterprises can rapidly find, test, and assess new tech partners and vendors, accelerating go-to-market strategies with innovative propositions. The platform also ensures compliance and risk management in delivering products with third parties. Embrace the future of financial innovation and efficiency with NayaOne, and unlock unparalleled opportunities for your organisation.
NayaOne is a one-stop-shop for your corporate innovation needs. Schedule a demo to look inside NayaOne’s Tech Marketplace and Digital Sandbox today!

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