The Banking industry is rapidly changing and the biggest paradigm shift that has occurred is the move to digitalizing-banks only. With the combination of data and advanced analytics allow Banks to build personalized relationships that could be more powerful than ever possible.The world is going through the biggest transformations- The FinTech revolution. The FinTech revolution will be transforming banking industry today. Bankers in the future will be very different from the banking today- The personalities to skillsets, cannot be compared to the bankers of today.
Is your Bank catching the FinTech Wave?
Using old technologies, your bank is going nowhere. To be a part of the banks of the future and for your bank to evolve, your bank needs to be able to adapt quickly to integrate with some of the external microservices.
Currently, most banks are still tied up to their Enterprise Service Bus (ESB). ESBs came about from the need to manage protocols. While ESBs served their purpose and were able to reduce costs for many incumbent organizations, focusing on back-end integration and orchestration would NOT lead to digital transformation success. ESBs were inherently built for heavy weight architectures for initiatives that take months. ESB is not a consumption strategy, not built for speed and scale.
Why ESBs won’t allow your bank go big on Digital?
A general rule of thumb to note is that when services are exposed to the outside world, an API gateway is a tool to be considered. It is positioned outside of the Intranet, typically in the DMZ. It manages only the subset of services that is communicating with external parties. An ESB is used for service virtualization, typically manage a much larger set of services, and is positioned inside the Intranet.
Why does YOUR bank need a hSenid’s Digital Banking Platform?
The critical challenges and issues for today’s Banks are striving to increase efficiency, the ability to react quickly to market changes, customer satisfaction and new improved revenue streams.
Banks are in need of a digital service creation platform, which can interconnect various stakeholders, partners system, service distribution and internal processes.An API Management platform will be the appropriate suite solution, as it can overcome two key restrictions in Banking & Financial Services; Limitation in Financial Service Infrastructure and enhancing service innovation through data sharing and partnership alliance.Characteristics of hSenid’s Digital Banking Platform that would help Banks to digitally transform quickly are: