Empowering Open Banking: Revolutionizing Customer Experiences in Retail and Commercial Banking
Overview
Our client, a leading multinational retail and commercial bank, boasting vast customer base exceeding 100 million and operating across over 10,000 branches.
Business Challenge
In response to the Open Banking movement, the bank aimed to elevate customer experiences by facilitating secure access to and sharing of financial information with authorized service providers, such as fintech companies. This initiative prioritized customers retaining control and consent over their data.
Solution
Partnering with the bank’s Business As Service (BAS) team, our team collaborated on the development, testing, and maintenance of Open Banking API. Specifically, we focused on Account Information Services & Payment Initiation Services, bolstering both domestic and international payments channels.
Key projects included implementing Two-factor authentication in compliance with PSD2 regulations, introducing the Quick Balance feature allowing customers to view account balances directly from their mobile home screen, and executing the Open Banking framework.
Result
The initiative yielded significant benefits –
Cost Reduction
By leveraging existing Open Banking API(s) for internal purposes, we substantially reduced API development costs.
Compliance
Our efforts ensured the bank met all requisite standards for Open Banking APIs as mandated by regulatory bodies.
Support for New Open Banking Features
We facilitated the integration of a new Open Banking API, specifically the variable recurring payment API, expanding the bank’s service offerings in line with industry advancements.