Open digital banking is a fundamental shift in the way banks do business. It provides a level playing field for all players to offer innovative products and services by leveraging the open access to data. Beyond incremental product innovation or technological developments, the change fundamentally empowers customers to choose their digital financial partner who can service most of their needs.

Moving beyond compliance, banks could shift towards offering differentiation across their breadth of products and services. With a sound API strategy and leveraging investments in existing technology platforms banks can seamlessly collaborate with other scale players in meeting financial services needs of their customers.

Abstracting the banking services with API and consolidating the core functionality into distinct product domains will allow banks to rapidly build new differentiating capabilities. The A-B-C approach (Abstract-Build-Consolidate) thus scales to accommodate both current state implications as well as digital enablers.

Read the whitepaper to understand how HCL’s Digital & Analytics practice helps enterprises with complex heterogenous application landscapes, through their digital transformation journey to cloud platforms. HCL’s unique premium partnership with IBM enables it to execute cloud & modernization strategy for open digital banking by leveraging its ‘Scale Digital’ offerings. By combining HCL’s leading platforms such as ADvantage Code and HDAP with IBM’s Cloud Paks, customers can rapidly iterate and scale their digital transformation journey.