“Adapting open banking Not only from a compliance perspective, leveraging the OB as a strategic plan for banks for their growth.”
Open banking has significantly grown over the years in the financial services sector due to the dynamics of financial technology. With the integration of customer banking information and application programming interfaces, a bionetwork is created that is conducive to generating effective business processes for the growth of these entities, which includes efficiency in transactional processing systems.
The Transactional processing system is not limited to monetary transactions, but on a broader spectrum, it entails a system of collection, storage, modification, and retrieval of data transactions of a given entity. This in entirety signifies a strategic roadmap for growth in the banking sector as it leverages the data for further complex financial modeling for banking growth in a number of ways. This notwithstanding, open banking ensures sound compliance with regard to technological regulations within this dynamic space.
To drive this point home, I bring into perspective TAVAS, a Payment Service Directive 2 (PSD2) solution, which is an open banking product suite that has made a significant impact on the strategic planning for banking growth in a myriad of ways.
To begin with, TAVAS has integrated customizable application programming interfaces that have been effective in fostering customer service experience and engagement. A good online customer experience may improve the entire customer journey and is a critical differentiator for practically any organization. This can only be done by third-party companies who assist merchants in realizing their full potential.
Centralization of services is another key contribution of TAVAS to open banking. This has come about in a number of facets, the key being seamless onboarding that is so streamlined for online service sign ups, coupled with cutting-edge technology that facilitates efficient account information services, payment initiation services, and confirmation of fund services. These pretty much enhance robust customer centricity.
TAVAS has firmly taken into account the aspect of regulation technology on open banking, as RegTech is what seems to seal financial technology. This has been done by taking into account the security of the online platforms as a means of curbing potential threats from such aspects as cybercrimes and other unauthorized access to these effective platforms. These products and suits are highly secure and safe with full compliance with regulatory technical standards. Secure access to these application programming interfaces gives customers confidence in operating these systems.
RegTech and fintech are ideal ways to leverage open banking for strategic growth in this technologically dynamic era.
To discover more on how Macro Global can help you to monitor, manage and mitigate the above challenges, please reach us out on salesdesk@macroglobal.co.uk (or) +44 0204 574 2433.
