7
axway.com
To stay relevant and win, get your head
in the game and keep moving forward
In essence, open banking is a team sport that will be played on a new field,
with new rules and new teammates who might have been arch-rivals a month
ago. If you're in it to win it, here are five steps to get you started:
01
Lay a strong digital foundation by pairing strong
governance with a flexible architecture
Soon, the majority of banking data won't be coming from the traditional
employee, partner, and customer sources. It will be coming from mobile apps,
the web, and billions of connected things like cars, appliances, wearables
and sensors. And it will all need to be integrated with traditional systems of
record in real time, on demand to create the compelling, high-performance
experiences customers expect.
This data deluge will challenge every traditional bank, where the biggest
chunk of the IT budget goes toward maintaining legacy architecture that has
been in place for decades. It's understandable if you're reluctant to rock the
boat due to time, cost, and security concerns. But you must do it anyway.
Open banking requires a modern integration foundation that securely
connects core systems to the outside world via APIs. By taking an API-first
approach to rebuilding and reorienting existing systems, you can pair strong
governance with a flexible architecture to:
• Improve operational efficiency by offering DevOps-ready shared services to
your internal teams and external partners and developers
• Accelerate time to value with secure file transfers and transactions that
reduce costs and the burden on internal resources
• Speed time to market for new products and respond rapidly to new business
opportunities with on-demand/real-time integration for mobile apps, cloud
services, and devices that need access to your back-end systems
…banks must answer a
series of critically important
questions related to purpose,
target customers, core
products and services,
distribution model and
innovation strategies. The
answers to these questions and
the steps taken to implement
them will determine whether
individual banks emerge as
industry leaders, recede into
irrelevance or fail altogether.
4
4 EY Global Banking Outlook 2017: Uncertainty is no
excuse for inaction
Read how financial institutions win with modern systems
