BIAN, the independent not-for-profit standards association, is today launching the fourth iteration of its Coreless Banking Initiative following Money20/20 USA. This iteration has been developed alongside its members, including Wells Fargo, Bangkok Bank, Bantrab, IBM, Salesforce, SID Global Solutions Zafin, TCS, Envizion, Solace and Temenos.
The launch of Coreless Banking 4.0 builds on the exciting momentum of the previous iteration launched last year, which provided banks with the ability to view customer accounts across different financial institutions. The updated proof of concept will help banks identify customers who are likely to leave or consider moving money outside of the bank and identify personalized offers using AI and Machine Learning to encourage them to stay.
This comes at a time when according to research by 10x, one in eight global banking leaders (12%) state they have lost 30-40 per cent of their existing customers to rivals.
The new concept continues to demonstrate that the delivery of these capabilities through standard service definitions can be done without compromising a financial institution’s need to protect its intellectual property. This is because standard service definitions are building blocks that can be assembled and implemented in unique ways, dependent on the needs of each bank.
Commenting on the success of the concept, Steve Van Wyk, Chairman of the BIAN Board, said: “The fact that our Coreless Banking model continues to go from strength to strength showcases the value of the BIAN working model to solve common industry problems. By combining the expertise of our member organizations, with the BIAN Models, BIAN APIs and BIAN Microservices, we’re able to think outside of the box, without the limitations set by working in siloes.”
One member that was instrumental in the success of the proof of concept was Bangkok Bank. Commenting on its involvement, Ian Guy Gilliard, Senior Executive Vice President at Bangkok Bank, said: “We fully believe that the Coreless Banking concept will be the key to all banking developments in the future. The updated concept will use the latest technology to analyse customer behaviour insights to help banks to provide clear value to the customer. This will make an incredible difference across our business.”