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Banking and Finance

Find out how Chakray helps banking and finance organisations tackle digital challenges through integration

The digital transformation era continues to drive change in the banking and financial services (BFS) industry, with frequent new regulatory requirements, growing cybersecurity risks and the evolving expectations of customer experience. Open Banking, for instance, driven by regulation is also an opportunity to improve customer experience creating new possibilities with an interconnected banking ecosystem. Aside from the opportunities this creates, it is a threat to digitally slow moving organisations who can lose market share to competition and the rise of the highly agile fintech sector.

Capabilities For Banking And Financial Organisations

Chakray can assist your organisation by delivering Banking and Financial transformations that include:

  • Open Banking APIs to future proof architecture, enable agile delivery and modernization of banking services and systems
  • Enabling continuous innovation with a cloud, on-premise or hybrid strategy
  • Data and analytics that empower your organisation to make better decisions
  • Fast implementation to meet short deadlines
  • Consent management offering customers flexible and granular control
  • Secure and strong authentication for customers and third parties
  • Compliance with your local regulatory requirements including GDPR / PSD2
Digital Challenges / Opportunities in Banking and Finance

Whilst all banking and finance organisations are unique, there are many common themes in terms of the technical challenges they face which are currently disrupting this sector. In this section we’ll provide a high level view of some of the most common ones.

Open Banking

Open Banking is a standard to improve the way customer data is structured, shared and accessed, bringing more empowerment, transparency and a range of benefits and protections to customers. APIs are the heart of delivering this standard which are triggering an innovation revolution in the financial sector.

Blockchain

Blockchain technology is the perfect ally when it comes to solving problems of risk management, fraud detection, scalability, privacy and trust in data security.

It allows customers an autonomous traceability of payments and collections, in addition to increasing the efficiency of banks in many of their processes.

Digital Customer Journey

Making your customers’ Customer Journey 100% digital is one of the main challenges for any BFS institution. Our customers expect a seamless omnichannel experience, with speed, ease of use, capability and convenience central to their demands. Our systems and data must be organised, understood and consistent in real-time as a bedrock of any customer journey.

Cybersecurity

As our expectations around the digital customer journey continue to rise, alongside the aforementioned speed, ease of use, capability and convenience, so too does the need to protect the customer and the business from hackers and fraud. To ensure the confidentiality and integrity of customer data, greater attention must be paid to our approach to developing software, APIs, infrastructures, identity management and cybersecurity measures.

Cloud Computing / Cloud Banking

Cloud banking is a growing trend in banks and financial institutions. It consists of storing all the data handled by these entities in the cloud, through the creation of multi-cloud environments that improve the management of services and the processing of information.

Big Data

Big Data is the ability to analyze and store information in real time, allowing you to know your customers better and be able to develop a more personalized offer of products and services. Its proper use together with Artificial Intelligence will allow banks and finance companies to be at the forefront of Fintech and gain a competitive advantage over their competitors.

Dedicated Solutions

Whilst many technologies can be considered horizontally appropriate regardless of your industry, it is also worth exploring the advantages of specific solutions that have been designed specifically to meet the needs of the Banking and Finance sector.

Solutions

WSO2 Open Banking

WSO2 Open Banking is a comprehensive technology and services solution that facilitates the implementation of Open Banking in companies. It is a solution that complies with all global regulations, in addition to solving industry needs: risk analysis and fraud detection, banking system integration, user authentication, integrated consent management, API monetization with billing platform integration, flexible business models and more.

Why Chakray?

  • Whether you are looking to leverage the technical and reputational benefits by being ahead of the curve, or if you are in a region where it is a regulatory requirement, we can help.
  • We can work with your technical teams, leaders and stakeholders to help your organisation understand the benefits, responsibilities and the journey of delivering an Open Banking solution, and we can work with you to deliver those results.
  • Team of experts with high technical knowledge on the main areas of banking and financial platforms around the world. Always close to your company.
  • Technologies and solutions that help companies create digital ecosystems that generate higher revenues and improve user experience.

You May Be Interested In…

Further information and reading on subjects related to this page.

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Open Banking: How APIs are transforming the banking sector

Open Banking is more than an option for change, it is a great alternative for the current financial system! The great technological advances, and

Chakray

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