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

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

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

Success Stories

Singaporean Multinational Banking and Financial Services
A Singaporean multinational banking and financial services corporation
Developers’ Portal with 200+ APIs for a thriving ecosystem & marketplace
Traditional 'Big Four' Irish banks
One of the traditional 'Big Four' Irish banks.
Compliance with PSD2 and Open Banking UK
Life and General Insurance Agencies in Singapore
One of the leading life and general insurance agencies in Singapore
SOA & API Platform: Life, General & Group Insurance Systems across Singapore, Malaysia and Indonesia
Australian Multinational Bank
An Australian multinational bank
Digital Marketing Transformation – Integration with 3rd party platforms