87%
...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
Open Banking- The way we see it
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.
Business Situation
Open Banking: Opportunities to Seize
88% & 77%
...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
67%
...of customers in countries with Open Banking are still unaware or poorly aware of its benefits
Source: Multiple surveys
HCL Solution
How HCL is helping Banks to leapfrog competition
Open Banking Consulting
With your Open Banking strategy and target business model as inputs, HCL partners you in ascertaining your Open Banking readiness in terms of business processes, application architecture and data architecture.
The exercise is powered by HCL’s Enterprise Architecture & Engineering expertise, and the use of tools & frameworks as accelerators.
The outcome is a clear action plan and roadmap with tangible milestones towards Open Banking excellence
Foundation Service & API Marketplace
HCL leverages its Engineering DNA to deliver secure, reliable, scalable & high-responsive Open Banking solutions that offer best-in-class customer journeys.
- Streamlined business processes aligned to working with a wide partner ecosystem
- Architecting the legacy application landscape to implement a microservices foundation, and creating outbound APIs & micro-services
- Building a flexible integration / orchestration layer
- Building a Developer Portal with excellently executed user journeys
- Integrating inbound APIs seamlessly into the architecture
- Creating a flexible & extensible real-time data architecture to deliver customer centricity & intelligent decisioning
- Implementing downstream ‘aggregation’ solutions like PFM
- Building compelling user / customer interfaces that enable them to exploit the full benefits of Open Banking
API Aggression
Multi-bank aggregation of customer data, along with downstream customer solutions & services built on that data, offer a major competitive play for banks. HCL offers
- Building a flexible integration / orchestration layer
- Integrating inbound APIs seamlessly into the architecture
- Creating a flexible & extensible real-time data architecture to deliver customer centricity & intelligent decisioning
- Implementing downstream ‘aggregation’ solutions like PFM
- Building compelling user / customer interfaces that enable them to exploit the full benefits of Open Banking
Lifestyle Partner
As a trusted partner in its customers’ key life events (home buying, for example), a bank earns customers’ reliance. HCL helps by:
- Streamlined business processes aligned to working with a wide partner ecosystem
- Building a flexible integration / orchestration layer
- Integrating inbound APIs seamlessly into the architecture
- Creating a flexible & extensible real-time data architecture to deliver customer centricity & intelligent decisioning
- Building compelling user / customer interfaces that enable them to exploit the full benefits of Open Banking
Open Banking Testing
HCL takes end-to-end ownership for ensuring that a bank’s Open Banking services – whether for regulatory compliance or beyond – perform to specifications.
A repository of automated test scripts ensure accelerated and comprehensive testing of sandboxes, developer portals, marketplaces and aggregation features.
Neo Bank
A Neo Bank is a platform construct that enables the bank to procure banking services on demand from a set of cloud-resident, API-architected and SaaS-enabled solutions.
Apart from not having to support a costly IT estate, the bank gains from signing on to a consumption-based pricing model, while ensuring differentiated customer experience and high levels of availability, performance and security.
The solutions can be plugged in or replaced as needed, providing extreme flexibility.
Powered by its diverse repertoire of curated FinTech partnerships, coupled with its own Integration capabilities, HCL gets a Neo Bank up and running within months, with rapid replication to new geographies & branches.
Collaterals
Success Stories
A Singaporean multinational banking and financial services corporation
Developers’ Portal with 200+ APIs for a thriving ecosystem & marketplace
One of the traditional 'Big Four' Irish banks.
Compliance with PSD2 and Open Banking UK
One of the leading life and general insurance agencies in Singapore
SOA & API Platform: Life, General & Group Insurance Systems across Singapore, Malaysia and Indonesia
An Australian multinational bank
Digital Marketing Transformation – Integration with 3rd party platforms
