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
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.
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.
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.
- 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.
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Further information and reading on subjects related to this page.
Open Banking is more than an option for change, it is a great alternative for the current financial system! The great technological advances, and