open banking (1)

Deconstructing the Core Banking Platform

Open Banking, by definition, is an environment where a third party is given permission to access a bank account or account-related data in order to provide services direct to the user. That's not where the real technical evolution in banking is going to take place. Instead, I look for technologists to begin figuring out how to desconstruct core banking systems into their individual account components and then deliver them through a integration portal that allows a financial services entity to pick and choose the ones relevant to their offering. We're seeing this in the new crop of API farms that banks are accessing to deliver new services to their customers, but this takes these concepts down to the core level and that's where real innovation in banking is going to take place.
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