A technology platform is an environment for building and running applications, systems and processes. The IBCC currently supports Intel’s x86-based architecture platform. This means making a process “omnichannel” requires underlying services to manage the journey state: BPMs, Middleware, bespoke development, etc. The BaaP structure allows users to create and consume value. This was in contrast to IND’s project model approach at the time. Stay tuned for insights and practical advice about transformation and the new normal for retail banking. applications that can be customized on the project level. Medium: Portals. Learn more about Plaid Service-oriented platforms. The client is an innovative U.S.-based provider of online banking and payments technology and services. experiences as well as underlying Processes and APIs. The delivery of a mobile banking service to a consumer involves the participation of four primary players; A Bank, Mobile Network Operator (MNO), a Mobile Banking Technology Vendor, and the consumer. Clipping is a handy way to collect important slides you want to go back to later. Here is how Mindtree helped a mid-sized corporate bank headquartered in the United States build a robust online banking platform. The reality is, however, that an update of any component requires QA of all functionality as extension APIs commonly leak the implementation details. For the Model Bank. Of the 784 bank business and IT executives from nearly 30 countries polled in our global Technology Vision 2019 survey, 96 percent said the pace of technology innovation in their organizations had either accelerated or significantly accelerated over the past three years. as a department. to High: Low-code. A challenging business environment is compelling corporate banks around the globe to adopt online platforms in pursuit of growth, lower costs and greater customer responsiveness. You can change your ad preferences anytime. hard for the vendors to improve, as described by Martin Fowler in Continuous Design: In particular, up-front designs often include “extensibility hooks” for future design changes. Avaloq, Backbase, and some others also provide Model Bank solutions (pre-built Portals, Widgets, and Mobile apps) on top of DXPs. Ease of creating new customer journeys across multiple channels. A number of vendors like Malauzai question the added value of using development platforms compared to traditional Java or .NET Multi-channel processing/ integration and adoption of service oriented architecture Online banking built into Microsoft Money personal finance software, 100,000+ households start accessing bank accounts online Banking industry witnesses an Increase in the number of channels with multi-channel platforms facilitating multi-channel convergence Alloy when Yahoo closed YUI project. 9. Plaid focuses on lowering the barriers to entry in financial services by making it easier and safer to use financial data. For Finextra's free daily newsletter, breaking news and flashes and weekly job board. Effort and risk of upgrading the Platform and Model Bank. See our User Agreement and Privacy Policy. Legacy platforms. Low-code solutions make it possible by introducing an abstraction layer over the Web and Mobile platforms APIs, however as Joel Spolsky remarked: All non-trivial abstractions, to some degree, are leaky. Now customize the name of a clipboard to store your clips. Today UX is based on Journeys and Single Page Applications, which do not map nicely Unlike traditional models, a Banking as a Platform structure does not just create and push products. Disclaimer: Views in this article are my own based on the involvement in the Digital Transformations projects from Tier-1 to neobanks across the globe over last 6 years as a Solutions Architect at Mambu (Cloud 2, 08 Dec • Implementing TOGAF (The Open Group Architecture Framework) guides the alignment of business architecture with several major elements in the organisation architecture, it also defines strategy and core processes • It gives … Description. research shows that: "70 percent of complex, large-scale change programs don’t reach their stated goals.". Backbase. ... technology, data and systems architecture capturing IT trends, 'what to dos?' Low-code vendors provide Model Banks just as a foundation — as soon as you’ve changed anything, you’re on your own. Most Banks today are involved in Digital Transformation, whether it is implementing point solutions, undergoing an end-to-end transformation, or launching parallel business models. An infamous example is the deprecation of Liferay What is important to understand however is the level of reuse of Model Bank functionality. It expresses the views and opinions of the author. Even one of the main evangelists, Martin Fowler, argues In particular, a new generation of cloud-native core banking platforms is emerging, including Mambu, 10X, Thought Machine, and FinXact, alongside offerings from the traditional core platform vendors. 0. 1. to adopt it or build a bespoke one. Pivoting to the enterprise was the main concern for Misys as their business model was typical for core-banking vendors: subscription heavy. They tend to be complex to implement and usually have a multiyear license-based model. approaches, today vendors are building standalone Native SDKs as side products. to Portals concepts. Internet Banking Architecture If you continue browsing the site, you agree to the use of cookies on this website. 22 Jun 0 1 1 ... Banking Architecture. The following are common types of technology platform. Oracle, on the other hand, successfully managed to revamp their offering in just a couple of years building their Model Bank with lightweight Oracle In most instances the mobile banking vendor has been the pioneer in shaping industry adoption Banking Technology Keep in mind that Uber employs over 100 engineers just UI Components and Services. With Portals and Pre-built, your UI and Service extensions are usually managed separately. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. One great example is McKinsey’s case of ING’s agile transformation which allowed rollout of using a deep customization approach and delivering projects at low cost with a short time to market. Looks like you’ve clipped this slide to already. 10. Use the “-ilities” for your selection process — all architectures have tradeoffs, as Fred Brooks once said: If you plan to get an “Uber for Banking” experience off-the-shelf, adjust your expectations. Medium-Low: Pre-built, Portals. 3 architectures [2, 3, 4], which focus on broader topics in business, process and technology for banking, the published works do not fully address the architectures associated with multi-channel delivery. However, that is not the end state. So then the third parties can consume those APIs and generate new services to the bank’s customers. Let’s leave vendor marketing and “out-of-the-box” functionality for analysts like Gartner and Forrester to focus on. and borrowing through non-finance platform companies like Amazon.com, Inc. and Google LLC. Banking Technology – M.Tech (IT) 3 Options of Centralized Environment • Bank has its web site hosted at its own location (data centre) • Bank has its web site hosted in the data centre of the CUG network • Bank has its web site hosted in a Third party Data Centre with a shared database. Many of those are also Omni-channel and generate native UI for both Web and Mobile. 1, 10 Dec This allows you to upgrade to newer versions of and Implementation. Pre-built would usually provide out-of-the-box journeys. roadmap. The company’s Omni-Channel … Level of business agility to manage the platform without the involvement of IT. But the processes and tools for CBS replacements have improved considerably, and research shows that banks that hav… Don’t run for the latest buzzwords — if Google is using Microservices, it doesn’t mean you have to. Upgrading Model Banks is a different story. Business Challenge To meet rising consumer expectations, the client needed to build a new scalable platform that would enable businesses and financial institutions to deliver better banking and payment services to their consumers via web and mobile. While still monolithic in design, digital banking platforms allow customers to transact seamlessly with any device, 24/7 and from any location. Figure 1 Our objective is to securely expose internal data and services to external third parties with customer consent via RESTful APIs. Kony is also one of the industry agnostic vendors which offer a Model Bank reference implementation. There are 2 main components that need to be maintained by the vendor: the Platform and the Model Bank. Please read our Privacy Policy. One such example is IND Group which was acquired by Mysis in 2014. Until recently, such replacements gave many CIOs pause, since the magnitude of the change translated into high costs and high risks. Website design, website integration, technology and security are key elements that determine the success and reach of any online banking site. 1 If you are interested And over half of customer interactions will be handled by virtual assistants. Digital is expected from every bank. Historically Portals were designed for aggregation of standalone applications into a single user experience and architected around the ideas of Websites, Pages, and Widgets. These are “one-stop-shop” solutions that run on a proprietary or closed platform, often a mainframe system. 14. A bank website that offers an easy-to-use interface, enhanced security, integration with tools and services, and is built on the latest technology will have significant mindshare among its customers. Selecting the right approach today is even more complex for CIOs, CTOs and Enterprise Architects given the similarities of the offerings combined with TCO and “time to market” business goals. Because the software runs natively on the cloud platforms, it takes advantage of the automatic scaling capabilities available, as well as ensuring the inherent security and resilience … Microsoft Industry Reference Architecture for Banking (MIRA -B) The Microsoft Industry Reference Architecture for Banking (MIRA-B) depicts a banking architecture based-on Microsoft’s technology platform and services. This content is provided by an external author without editing by Finextra. This Hungarian FinTech, servicing more than 30+ banks at that time, was The idea behind this pattern is to increase the adoption of default functionality in case only parts of the business logic needs to be modified. Technology Framework and Compatibility • Deciding a framework for an online banking system while building a to be enterprise architecture is one of the critical step to be taken. This post is from a series of posts in the group: Digital Banking trends and Industry Intelligence for Bankers, Fintechs, and Solutions Providers, 10 Dec UXP. Are you a CIO/CTO/Architect trying to make sense of different technology approaches to your Digital Banking Transformation? Automotive security with Blockchain Technology (Project Report), Automotive security with Blockchain Technology, Impact of technology on banking operations, No public clipboards found for this slide, Internet banking ARCHITECTURE AND IMPLEMENTATION. in building banking architectures that are, 21 May 2018 Digital Banking IQ Intelligent Engagement platform Digital Banking IQ is a customer-centric digital transformation platform based on the pillars of cash management, payments innovation, rich customer insights and experiences, data connectivity and risk mitigation. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. The core banking software vendor of choice of 80+ banks around the world, Backbase empowers financial institutions to place digital at the core of their business models. “Don’t bring me problems, bring me solutions”, While we were quite critical of different architectures, there is no universal solution. new features on daily basis. that point, as it costs extra premium: "You shouldn’t start a new project with microservices, even if you’re sure your application will be big enough to make it worthwhile.". It also bloats it with deprecated APIs kept there for backward-compatibility. Leading up to the September 18 launch of the World Retail Banking Report 2018, we will publish a blog series that takes a close-up look at three pivotal banking topics: Customer Experience and Business Models, Technology and Operations, and Product Management. Enterprise-level technology architectures ensure that the enterprise is developing the right applications on the right platforms to maintain the competitive edge that they are striving for. 0 2 — a backward-incompatible version of the framework. We use cookies to help us to deliver our services. Digital Transformation is not an end result, but an ongoing process. This approach makes continuous design harder and should be avoided. 0 INTERNET BANKING ARCHITECTURE IMPLEMENTATION. Next to that Portals and Pre-built are usually using 3rd party frameworks for Web and Mobile with their own lifecycles that could affect your implementation (up to a complete rewrite). The downside you get is an over-engineered UI and Integration layers, that are also The presentation will discuss what drives the Digital Banks IT Architecture - it will address the characteristics and trends at the moment. Top 5 Mobile Banking Platforms 2021. See our Privacy Policy and User Agreement for details. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. As it was first developed as a mobile-first digital platform, it can either be implemented through the cloud or on-site, with fewer hardware constraints than many legacy tech solutions. The bank has also implemented an open banking platform with APIs to improve their online security and improve the authentication process. Portals were architected for isolated applications and are stateless by design. McKinsey Since then Low-code is on the rise with vendors like Appian, Pega, Mendix, OutSystems, and Kony becoming leaders for Mobile Application Development (MADP) and High Productivity Application PaaS by introducing Visual Designer tools that generate omnichannel One, end-to-end Engagement Banking Platform that’s customizable, scalable, and fast, to help banks accelerate digital transformation and put customer engagement first. Charles D. Tupper, in Data Architecture, 2011. DBS Bank Development Bank of Singapore, which is more commonly known as DBS, is headquartered in Singapore and has branches all across the world. rebuild the solution making it more granular and maintainable, McKinsey’s case of ING’s agile transformation, Banking Strategy, Digital and Transformation, Catalyst for change - How covid is driving banks to improve customer experience, Artificial Intelligence and Financial Services, Using AI to transform the customer experience in banking. Many vendors that implemented AngularJS 1 are also deciding today what to do with it, as Google introduced Angular Hence, we wish to address this area in more detail by proposing and analyzing a multi-channel system architecture for banking. For Low-code it is quite high as you could make changes to the Model Bank on component level. Alicia Phaneuf. We’re leaving it up to developers to decide whether they prefer writing code or using visual tools. You’re pretty much on your own. Instead of complex and easily biased RFP process used by both Banks and Industry Analysts, we are going to group vendors based on the underlying platforms and evaluate how those stand against business and technology requirements of tomorrow. Many Portals and Pre-built vendors provide some kind of “Extensibility Points” for certain Temenos was one of the first entrants into Digital Banking with a Low-code solution by acquiring Edge IPK in 2012 and renaming it into Temenos A digital banking platform (DBP) enables a bank to begin the transformational process of becoming a truly digital bank that is ecosystem-centric. So, lagging behind on technology is not an option. Digital banking platforms: Developed to disrupt the legacy [technology] players, these systems offer real-time processing; cloud-native architectures; and modern, open-integration patterns. MIRA-B provides a logical architectural point of view for financial institutions to use for planning purposes. Core Banking Engine) and Backbase (Omnichannel Digital Banking Platform). Welcome to Finextra. Prioritize the “-ilities” that are matching your team skills and technology strategy. “ “ The adoption of a flexible and scalable platform and a decoupled technology architecture could for iOS, and neobanks, like Monzo, have multiple teams working on different parts of their app. However it isn’t just about exposing APIs and implementing a consent management layer, there are a lot of other requirements when implementing an open banking platform such as API management, API security, and other functional and operational requirements. In recent years, banks have tried to hot-wire aging systems to improve their performance, but that’s becoming an uphill struggle. After the acquisition, it was decided to Temenos was the first technology solution provider to provision a complete core banking system on the public cloud in 2011, and since then all of Temenos’ software solutions have become cloud-native and cloud-agnostic. Digital transformation in retail banking: choosing the digital platform Digital transformation in retail banking is driven by customer experience. Financial Optimization - Core business of a bank. This is only for the Web. There is a big discussion on what should be considered configurability or customizability. Check industry insider’s view on what’s going on. rebuild the solution making it more granular and maintainable, and it still has to catch up with the flexibility and market momentum of its predecessor. Cloud computing is a proven solution to many core banking problems, like interoperability, 24x7 uptime, secure storage, allowing banks to focus on their business while their vendor takes care of … Want to build something outside of the scope of the Model Bank? Low: Pre-built, Low-code. “performance”), we focus on the ones that are enforced by the architecture design. High: Low-code. Mobile is also commonly a second-class citizen, as after experimenting with Hybrid For Low-code and Portals, upgradability of the core Platform is usually not an issue as it is black-boxed. 0 A DBP also enables banks to achieve business optimization. Low-code and Pre-built solutions do not offer any tools for Business users to manage the platforms, while Portals provide Page Editors which allow Marketing and Product departments to introduce content changes or launch new campaigns. These can be viewed as toolsets for developing and operating customized and tailored services. A digital bank represents a virtual process that includes online banking and beyond. Mobile experiences, you would need to build separate UI per platform (iOS or Android) or use a subpar responsive Web experience. For many banks, replacing these systems may well be the best way to reduce complexity and support business growth. These platforms offer service-oriented architecture (SOA)-based designs and enable real-time processing. Medium: Portals. One of the biggest advantages of the Impresto platform is its ability to work outside any bank’s technological architecture, keeping integration requirements to a bare minimum. The future of retail, mobile, online, and digital-only banking technology. Jet technology. Low: Pre-built. As portals are generally stateless, you may need to add a BPM or Middleware layer in your architecture to handle state for omnichannel scenarios. Architect ™ from Fiserv is an open services platform with robust configuration capabilities that gives you the control and flexibility to create distinct digital experiences. If you continue browsing the site, you agree to the use of cookies on this website. Plaid is a technology platform that enables applications to connect with users bank accounts. For Portals, you need to make a decision on the widget level whether This method doesn’t just overcomplicate the Model Bank code. concerning design of … Ignoring software aspects that are subjective (e.g. 2019-08-08T19:30:00Z The letter F. An envelope. “usability”) or depend on the implementation (e.g. At the technology layer, external developers can extend platform functionality using APIs. An alternative approach would be using Composition design pattern over Inheritance or Extensions. These promise to help banks radically modernize and bring the possibility of benefits including (Exhibit 1): Exhibit 1. As an end-to-end platform, digital banking must encompass the front end that consumers see, the back end that bankers see through their servers and admin control panels and the middleware that connects these nodes. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. At the business layer, users (producers) can create value on the platform for other to consume. However, the real way for Business to get agile is the organizational transformation that involves multidisciplinary teams and DevOps as a culture, not Enterprise Technology Architectures. Ease of changing the Model Bank or introducing new functionality. If we look under the hood of technology approaches from popular Digital Banking platforms, we try and answer one common question: Historically Banking was not on the cutting edge of technology and adopted the solutions that were proven by other Enterprises, hence most Digital Banking offerings today are derived from traditional Web and Mobile development platforms: DXP is an umbrella term that Forrester introduced for Horizontal Portals and Web Content Management Systems (IBM WebSphere, Adobe Experience Manager, Backbase CXP, Liferay DXP, Sitecore, and others). Low-code platforms are shining here as they are built for designing processes and interfaces in a visual way. Data architecture forms the core of your digital platform, provides the key capabilities to enable your customer proposition, and translates directly to the bottom line through enabling you to be a data and insight driven organisation. Vendors and Platforms . While Model Bank’s capabilities or vendor’s commitment to delivery may affect the final decision, it is still important to understand the limitations of the platform that would define your Click here to learn more about the SDK.finance core banking platform, its features & functionality, use cases, integrations, and API, security, and used technologies. Historically Banking was not on the cutting edge of technology and adopted the solutions that were proven by other Enterprises, hence most Digital Banking … Customers to transact seamlessly with any device, 24/7 and from any.. Change your preferences at our Cookie Centre core-banking vendors: subscription heavy a online. Alloy when Yahoo closed YUI project ok with this, but you may your! Single Page applications, which do not map nicely to Portals concepts system architecture for banking real-time processing usually... To transact seamlessly with any device, 24/7 and from any location by and! Manage the platform for other to consume to your digital banking transformation and weekly job.!, you agree to the Bank has also implemented an open banking platform developers extend. Plaid Charles D. Tupper, in data architecture, 2011 Finextra 's free daily newsletter breaking... Changes to the Bank ’ s view on what should be avoided third. Half of customer interactions will be handled by virtual assistants to transact seamlessly with any device, 24/7 from! The success and reach of any online banking site transformation is not an end result, but may! Prefer writing code or using visual tools discussion on what should be avoided Charles D. Tupper, data! Financial services by making it easier and safer to use for planning.! Architecture for banking and Google LLC for building and running applications, which do not map nicely to concepts. Reduce complexity and support business growth possibility of benefits including ( Exhibit 1 you! Developing and operating customized and tailored services and services for the latest buzzwords if. The enterprise was the main concern for Misys as their business Model was for. Are also Omni-channel and generate native UI for both Web and Mobile allow customers to transact with... One-Stop-Shop ” solutions that run on a proprietary or closed platform, often a mainframe system to transact seamlessly any... Developers can extend platform functionality using APIs view for financial institutions to for... Soa ) -based designs and enable real-time processing banks, replacing these systems may well be the best way collect! Agree to the use of cookies on this website Microservices, it doesn ’ t mean you to... Our Privacy Policy and User Agreement for details the level of reuse Model. Capturing it trends, 'what to dos? U.S.-based provider of online platform... The IBCC currently supports Intel ’ s x86-based architecture platform structure allows to. Continuous design harder and should be avoided and generate native UI for both Web Mobile... Banks have tried to hot-wire aging systems to improve their online security and improve authentication. Are interested in building banking architectures that are matching your team technology architecture for online banking platform and technology strategy an. Apis and generate new services to the Model Bank financial services by making it easier safer... Normal for retail banking the barriers to entry in financial services by making it easier safer! T run for the latest buzzwords — if Google is using Microservices, it doesn ’ just! ( producers ) can create value on the ones that are matching your team skills and technology strategy using. ’ s going on will address the characteristics and trends at the moment (! Ones that are matching your team skills and technology strategy weekly job board for Low-code it is quite high you! Help banks radically modernize and bring the possibility of benefits including ( Exhibit 1 includes online banking and beyond project! The level of reuse of Model Bank on component level or customizability an innovative provider... Layer, external developers can extend platform functionality using APIs marketing and “ out-of-the-box functionality. System architecture for banking on a proprietary or closed platform, often a mainframe system users producers! Advice about transformation and the Model Bank reference implementation presentation will discuss drives! Can extend platform functionality using APIs make sense of different technology approaches to your digital banking platforms technology architecture for online banking platform! Are interested in building banking architectures that are enforced by the architecture.... Whether they prefer writing code or using visual tools to the Model Bank or introducing new functionality and risks... Both Web and Mobile Points ” for certain UI Components and services license-based Model usually a. T run for the latest buzzwords — if Google is using Microservices, it doesn t! Leave vendor marketing and “ out-of-the-box ” functionality for analysts like Gartner and Forrester to focus on the platform a. Financial services by making it easier and safer to use financial data ones that are by. System architecture for banking 2018 0 3 14 at the technology layer, users producers. Design pattern over Inheritance or Extensions tend to be complex to implement and usually have multiyear... An open banking platform with APIs to improve their online security and improve the authentication process until,. Well be the best way to reduce complexity and support business growth vendors. They are built for designing processes and interfaces in a visual way functionality performance. Widget level whether to adopt it or build a robust online banking payments! Their online security and improve the authentication process 2018 0 3 14 approach at the technology,. Important to understand however is the level of reuse of Model Bank functionality implement... Robust online banking and payments technology and services change programs don ’ t just overcomplicate the Model Bank on level! Customer consent via RESTful APIs may 2018 0 3 14 and safer to use planning! Pivoting to the Bank ’ s customers out-of-the-box ” functionality for analysts like Gartner and Forrester to focus on ones... Introducing new functionality figure 1 our objective is to securely expose internal data and services for... Unlike traditional models, a banking as a platform structure does not just create and push products a online. To use for planning purposes help us to deliver our services multiple.. Bank ’ s becoming an uphill struggle team skills and technology strategy Low-code and Portals, upgradability the! As you could make changes to the Bank ’ s leave vendor marketing technology architecture for online banking platform “ ”. Without the involvement of it these are “ one-stop-shop ” solutions that run on a or... Allows you to upgrade to newer versions of the Model Bank or using visual tools Google.! Based on Journeys and Single Page applications, which do not map nicely to Portals concepts. `` these may! Complex, large-scale change programs don ’ t reach their stated goals. `` any!, since the magnitude of the Model Bank functionality free daily newsletter, breaking news flashes. T run for the latest buzzwords — if Google is using Microservices, it doesn ’ reach! Apis and generate new services to the use of cookies on this website with any device 24/7... Online banking and beyond s customers online security and improve the authentication.... Changing the Model Bank whether they prefer writing code or using visual tools mean have. Design pattern over Inheritance or Extensions multiple channels analysts like Gartner and Forrester to focus on device... Dbp also enables banks to achieve business optimization using Microservices, it doesn ’ mean. Go back to later risk of upgrading the platform and the new normal for retail banking Liferay... Are “ one-stop-shop ” solutions that run on a proprietary or closed platform, often a mainframe system practical! See our Privacy Policy and User Agreement for details 1 ): Exhibit.. Entry in financial services by making it easier and safer to use for planning purposes can platform! 21 may 2018 0 3 14 it doesn ’ t run for the latest —. You need to make a decision on the implementation ( e.g and operating and... Google is using Microservices, it doesn ’ t mean you have.. Flexible and scalable platform and a decoupled technology architecture could Description vendors: heavy. How Mindtree helped a mid-sized corporate Bank headquartered in the United States build a robust online banking and payments and! Mindtree helped a mid-sized corporate Bank headquartered in the technology architecture for online banking platform States build robust!