As banks now want to experiment and adopt new era technologies such as artificial intelligence and barriers, the next major step is the digital disorder that must be done with open source banking.
With open source implementations, banks tend to open APIs and share customer data with third-party players to develop innovative products and provide real-time client-tailored customers.
Industry experts consider it the best time to get the bank as a customer buying pattern.
In previous interactions with Indian entrepreneurs, Rajeev Ahuja, Executive Director, RBL Bank recognized this change to “emerging non-traditional competition such as start FinTech, mastering technology such as blockchain, artificial intelligence, machine learning, and finally, initiatives taken by Bank Reserve India to manage payment banks, peer-peer platforms, connect Aadhar, and e-kyc. ”
Open banking is not just a hero between big players but smaller banks like Ujjivan SFB who like to run platforms.
“With dynamic features in the business, there is a need to try and try this spell to try and quickly learn from failure,” Ittira Davis, Operational Head of SFB, Ujjivan added.
“Open source allows this experiment and also allows for lower cost of ownership. Ujjivan is part of his mandate to explore periodic technology and to run resources primarily within rich analysis domains.”
Currently, there are platform platform platform available 4-5 such as exclusive platform (one sponsor and one supplier), license platform (one sponsor, many suppliers), joint platform (many sponsors, one provider), and multiple platforms (many sponsors, many providers).
When each model has its advantages and disadvantages, when the bank chooses one, there will be changes in the resource deployment process.
Determining this change, in the new report – The New Year’s Open Banking Platform, Accenture introduces the key capabilities that help banks travel to open source:
Bank leaders must exploit open source as digital drivers and instead focus on holistic change programs that will affect the culture, systems and capabilities. Unlike traditional traditions, open source use requires focused focus investments and more cross-bank coordination.
Additionally, banks need to operate as a software company where your home office will act as a liaison manager for customers. It is advisable to create new roles such as technologists, data scientists for innovative product development.
In other words, the bank as an organization needs to focus on making it faster and management fails when making decisions.
Banks must remember at the end of the open source about improving the customer experience that can only be owned by customization, speed and ease of use.
Therefore, banks need to act quickly to gain capabilities in user experience. Therefore, computer learning here is the bridge between data development and data analysis.
People also need to be able to support IT leaders with the wisdom they need and can become famous and play on the platform to provide a good experience.
The API is opened as a bank product with a basic version of the life cycle and hence organizations must manage the life cycle of the ecosystem.
“The new version of the API is effective for new products for bank customers and therefore it needs to be designed with core life cycle management. Every new version should ensure backward compatibility until the end of the agreed cycle,” added the report.
In addition, banks need to remember open APIs that are supported by core banking data and therefore adequate security measures should be adopted to secure and manage data.