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Why Executives Should Pay Attention to Open Banking

Open banking

Hi! My name is Stephen and I’m a financial professional.

Modern banking has become synonymous with the modernization of legacy systems but to continuously improve customer experiences, banks must break down monolithic, institutionalized processes and create a culture that spawns innovation from anywhere.

An open application programming interface environment has become a critical part of modern banking technology strategy but the difficulty for many banks is that their APIs tend to face many roadblocks to open banking efforts. Let’s take a look at a few reasons why the executives at your organization should pay attention to open banking.

SKILLS AND SUPPORT

Most banks don’t have the internal capabilities necessary to build and deploy an open API ecosystem while many rely on technology partners to fill the skills gap. Before you can keep up with the largest global banks, it’s essential to understand how you’re attracting developer talent, if your teams are aligned to specific domains, and if you’re promoting open-source community contributions.

TECHNOLOGY FOUNDATION

Changes are typically made to grow, simplify or protect the business but doing all three simultaneously depends on the mutability of the technology foundation used for your API applications. Before you make any changes, it’s essential to thoroughly understand your process to solve issues that arise as you work to build your technology foundation.

APPLICATION DEVELOPMENT AND DELIVERY PROCESSES

Governance of an open API environment is a foundational requirement. For third parties to be able to gain access to your data, policies, procedures, and management gateways should be considered part of your enterprise open banking strategy. You should also know what guidance is provided for security throughout DevOps and what processes can be automated.

VALUE OF OPEN BANKING

Many financial institutions measure the success of open banking initiatives on the extent of digital marketplace participation. For your institution to be able to accurately measure success though, it needs to be aligned with business objectives.

As more and more financial organizations adapt their business to new, open digital ecosystems, more executives are realizing the benefits of open banking and how it can help them achieve their business goals.

If you want to learn more about why executives should pay attention to open banking, click the link below for more information.


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