Bank Of America Business Intelligence – Open banking is a growing technology within digital banking worldwide, forcing banks to change their business models. Instead of competing directly with fintech and third-party companies, executives can use open banks to partner with them instead, and thus find a competitive edge in the fast-growing industry.
Open banking has the potential to change the way executives interact not only with fintech and themselves, but also with customers. We outline exactly what open banking is and describe what financial institutions will gain by adopting it.
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Open banking is a system whereby banks open up their application programming interfaces (APIs), allowing third parties to access the financial information needed to develop new applications and services and provide account holders with excellent options for financial transparency . And this system is set to shake up the financial experience for customers around the world – in a good way.
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While open banking allows third parties to develop better tools for personal financial management, it puts pressure on executives to improve their offerings. Open banking is fueling competition in the banking industry – forcing executives to expand their financial services or partner with fintech.
APIs are collections of code and instructions that specify how different software components should communicate – they allow multiple applications to communicate with each other.
From an internal perspective, the API is used to connect developers to payment networks as well as display the billing details on the bank’s website. Through open banking, APIs are now used to issue orders to third-party suppliers.
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APIs are also essential to the functionality of Banking as a Service (BaaS) – a key component of open banking. BaaS is an end-to-end process that directly connects fintechs and other third parties to banking systems through the use of APIs. It helps build bank offerings on top of financial providers’ strategic infrastructure.
BBVA: In 2018, BBVA launched its BaaS platform, Open Platform, in the US. The open platform uses APIs that allow third parties to offer customers financial products without the need to provide a set of banking services.
HSBC:Â HSBC launched the Money Connect app in June 2018 in response to the UK’s open banking initiatives that seek to put more control of financial data in the hands of customers. Connected Money allows customers to view multiple bank accounts such as loans, mortgages and credit cards, all in one place.
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A photo of the Barclays logo on top of one of its branches in Madrid
Barclays:Â Building on its success in the open banking market, Barclays says it is the first bank in the UK to enable account pooling in its mobile banking app. The Open Banking feature allows customers to view their accounts with other banks in the Barclays mobile app.
Open banking has the potential to increase revenue streams while increasing the reach of customers to financial institutions—an advantage that executives should not ignore. You can also create revenue sharing ecosystems, where directors give customers access to third-party development services while earning from a subscription or referral base.
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Insider Intelligence projects the UK revenue potential generated by Open Bank – working with small and medium-sized businesses (SMBs) and retail clients – is tipped to reach $2 billion by 2024 – a compound annual growth rate (CAGR) of 25%.
In addition, open banking allows banks to commercialize their infrastructure by moving into the BaaS space and providing core services to fintechs and other third parties.
With rapidly growing demand for financial services, incumbents are in constant competition with fintechs – but open banking gives them the opportunity to face these pressures instead of partnering with them. Open banking is changing the relationship between operating companies and their customers by changing the narrative that customers themselves should have ownership of business data rather than their respective financial institutions.
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As a result of open banking being ultimately competitive, many financial institutions (FIs) are expected to act; therefore, regulators have been a key driver of the spread of open banking. In the UK, where open banking took off, regulation mandated the nine largest retail and small and medium-sized business (SMB) account providers to use open APIs to enable authorized TPPs to access permitted customer data and initiate payments on behalf of customers.
In countries with underdeveloped open banking policies—including the United States, Japan, and Canada—the openness of banking services is likely to continue to increase going forward, driven by demand competition and customer pressure. Although progressive open banking policies exist – such as the UK, EU and Australia – these services will continue to accelerate
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LONDON–( BUSINESS WIRE )–The market size of the global banking services industry is expected to grow over $1 trillion at a compound annual growth rate (CAGR) of 6.0% during the forecast period 2019-2024.
Leading banking service providers are using digital technologies such as web-based and mobile channels to enhance their customer engagement. Such interaction through various digital windows creates actionable insight into business operations and aspects of customer behavior.
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According to the financial share and forecasts, North America and Europe will be the leading regions in the banking services market.
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The market size of the global banking services industry is expected to grow over USD 1 trillion at a compound annual growth rate (CAGR) of 6.0%. But in this article, we’ll take a closer look at what banking business intelligence dashboards can do for your operations.
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Next, we’ll highlight the top three usage categories and dashboard for retail banks. And we’ll dive into the details you can use for your own banking dashboard.
A banking business intelligence dashboard is an analytical visualization tool that connects to various sets of banking data across multiple systems. Those systems include, but are not limited to: the bank’s banking platform, CRM, loan processing software, and any other type of banking database.
Banking dashboards are used to visually monitor and display banking KPIs (key performance indicators; more on them in a minute). They also track the results of the bank’s business strategy, customer trends, financial performance… pretty much anything you want to track, as long as you have data to crunch. Bank executive dashboards help you look back, to see historical trends in, say, consumer or business loans. They can also, to some extent, allow you to see into the future, through predictive analytics.
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An executive level banking dashboard that was recently implemented at a client using Power BI can be seen below.
Banking dashboards don’t just create themselves. Much of the work done to create reliable and accurate dashboards is in two areas: 1) KPI selection and 2) data preparation. Believe it or not, the technology used to display them doesn’t really matter. Power BI, Tableau, Qlik… they’re all the same at the end of the day. It is the core data set and the most important KPI.
The first step to any dashboard project is to clarify what needs to be measured from a KPI perspective. If you go into a banking dashboard project thinking that the KPIs you need to measure will just magically appear out of thin air, you’re bound to fail. You can start developing ideas about which KPIs you should measure by viewing this banking encyclopedia of KPIs here.
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Step 2 involves finding the internal data you think you need to create bank dashboards. But you can’t stop plugging into a data source and expect the dashboards to come out clean. You will have to manually analyze all the data sets to see if you can create the KPIs you choose to measure. Eighty percent of the time, you’ll need to manually annotate the data with additional metadata to make it even remotely scalable. Yes, data crunching is a beast of a task – and the bulk of the work for any banking dashboard project. But once you have clean data, then you can turn on your business intelligence software of choice.
It was mentioned that banking dashboards can show good attractive performance data. But they must reflect real process or operational goals to provide actionable and valuable insight. Sure, you can use a business intelligence dashboard to measure how many pens you have in your supply room
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