We are witnessing a profound and radical change to the traditional banking model. The boundaries and roles among players are blurring while bank customer expectations are radically different than just 10 years ago. Open banking, whether driven by competition or regulation, is breaking up the traditional banking value chain, opening up the global banking industry, and profoundly changing the dynamics of the banking market.
Many view open banking as a threat to traditional banking, as challengers and FinTechs seek to entice consumers through innovation. However, CGI sees it as a great opportunity for collaboration. Traditional banks have the advantage of strong reputations and longstanding client relationships, and, by partnering with FinTechs, they can improve their customer propositions and generate new revenue streams.
CGI Open Finance is a complete solution for open banking, enabling the integration of traditional banks and their product-centric applications with FinTechs through an API and orchestration layer. More than that, CGI Open Finance supports the much wider set of non-functional requirements needed to operate an industrial strength, secure and resilient platform required for the new world of banking. It not only facilitates close collaboration with third party providers (TPPs), but also enables banks to become aggregators and provide the same services, driving real innovation. With CGI Open Finance, banks can maximize the benefits of open banking by offering new digital services and value-add partnerships to their customers.
Overall, CGI Open Finance offers clients the following:
For more information on CGI Open Finance, contact us.