...of all countries have some kind of Open API activity. More than 50 countries have Open APIs in place, touching more than 10,000 banks
Source: Open Banking APIs Worldwide, ndigit
Open Banking is a foundational shift in the way banks do business, who they do business with and what they sell. While the term itself has come to be synonymous with an API Economy, the nature of change that it brings goes beyond technology developments, product innovation or regulatory edicts.
Open Banking requires banks to reinvent and reposition their businesses to remain relevant within customer lifestyles and customer journeys. A range of rapidly evolving collaborate-compete business models define the ways of interaction between banks, FinTechs and a wide ecosystem of financial and non-financial partners.
HCL's Open Banking solutions comprise a set of techno-functional frameworks, a well-curated FinTech partner ecosystem, an innovation infrastructure and a depth of engineering and design thinking expertise that help a bank create differentiated Open Banking strategies and implement them.
Open Banking: Opportunities to Seize
...of all countries have some kind of Open API activity. More than 50 countries have Open APIs in place, touching more than 10,000 banks
Source: Open Banking APIs Worldwide, ndigit
...would prefer their main bank to be provider of AISP services & product comparison services respectively
Source: Mobey Forum and Aite Group survey of 1,010 European consumers, June 2019
...of customers in countries with Open Banking are still unaware or poorly aware of its benefits
Source: Multiple surveys
How HCL is helping Banks to leapfrog competition
The client is a leader in digital banking services. HCL is the strategic partner for the bank working in a number of key Open Banking and Digital Banking initiatives, which include Development of 200+ Core Banking APIs, launching a fully digital bank and Mobile banking and wallet app
HCL is the strategic partner for the Core Banking API development. The scope of activities includes Business Analysis, API build, Test Automation & SIT, Release Management activities. API’s allowed Key Banking Service/Assets to external World to access which were limited to Bank Application till now. It includes features like:
The client embarked on their Open Banking journey and wanted to achieve PSD2/CMA9 compliance with a path to adopting new Open Banking business models
The client’s architecture lacked a standard way of representing the business services and did not allow existing systems to connect efficiently with the outside world. Functionalities tightly coupled with the user interface or portal could not be changed even for minor iterations. This led to:
HCL and the client decided to engage in a journey to develop a standardized REST API which would integrate with the back end and provide next-gen, customer-centric solutions. For the implementation, HCL used Spring Boot, Rancher for Microservices, API Gateway from Axway, BitBucket for version control, and CA LISA (DevTest solutions) for service virtualization. Our team selected the top software solutions from specific segments on the basis of cost, speed, and ease of implementation. HCL’s API gateways have security and throttling models that impose limitations on who pulls the data, when, and how frequently the data gets pulled.