How do you manage ever increasing compliance obligations that entangle your organization in fractured or siloed architectures and escalating vertical & technical debt ?
Open Banking and Horizontal Governance
Staying relevant in tomorrow's interconnected community
A 10 year study of Business Strategy execution and the Direct ROI of bank assets shows that the highest contributing factor lies in Business Process Changes (e.g. Workflows), with an average of 70%.
The second highest contributing factor was Applications, at 20%. Application ROI is largely based on automating human activities and therefore creating cost efficiencies.
Workflows and utilization of applications are two major driving factors for optimized ROI. The importance of these Direct ROI factors provide line of sight on where one needs to focus in order to meet the needs of building Financial Marketplaces.
In compliment, another study indicates that APIs represent the largest technical impact for organizations moving towards Open Banking and Digitization.
Traditional organization infrastructure and accommodating capabilities have been built on vertical silos. Unfortunately, the way forward for many was costly IT projects to patch together disparate systems, further driving up the organization's technical debt. Couple that with the fact that these patches weren't re-purposeful or scalable and the problem continued to exacerbate.
Additionally, add an ever increasing regulatory burden which equates to numerous additional systems, services, and data feeds piling onto the taxed infrastructure and making horizontal governance impossible.
These organizations know that to compete, they must develop digital capabilities to avoid being dis-intermediated by emerging FinTechs and other players with superior, more agile offerings.
Innovation in platform technology now delivers the ability to execute these critical work processes—an innovation that counters decades of ineffectiveness, inefficiency, and the spiraling cost of technical debt.Unlike traditional vertical solutions and applications, platforms enable connectivity to any application with an API, and they make possible the creation and use of an Ecosystem of Data.
Enter Modern Platform Technology
More and more regulatory bodies globally are requiring banking organizations to enable customers to share their data securely with third parties to power new financial services and increase competition in the banking industry.
~ Five Innovation Trends That Will Define Banking in 2019, The Financial Brand
The power of the platform in an API economy is a game changer - think Amazon, Windows and iPhone. All of these allow value propositions and ecosystems to connect off a common Platform. The platform architecture model is the next generation of middle ware that connects all of your vertical technologies.
Because the platform offers an Ecosystem of Data and a Network of Applications, it can connect anything to anything by adding more micro-services, applications, or even other platforms—and this can be accomplished in hours and days, not weeks and months.
Welcome to Platforms and the API Economy—and the opportunity for true Horizontal Governance.
RegTech One, the ‘Power of Everything’, provides a single platform that facilitates true horizontal Governance, Risk, and Compliance. RegTech One achieves this through a rich set of RESTful and binary APIs that allows users to connect any permissioned systems, thereby creating a Network of Applications and an Ecosystem of Data across the enterprise. With RegTech One, institutions achieve global realtime monitoring of Key Risk Indicators with automated notifications and actions—to include SLA and workflows.
RegTech One was engineered to be endlessly configurable, scalable, and API-ready. Leveraging the API Economy and infinite user configurability, RegTech One provides a platform for every GRC requirement—both today’s and those yet to come.
Embedded ‘Comply on the Fly’ technology - adapt, extend, and customize at will, in-house at any time
Transparency and permissioned knowledge sharing across the enterprise through rapid integration to disparate data sources (CRMs, core banking, 3rd-party data systems)
Drag-and-drop-configurable Event and Action engines. Analyze, inform, and act—with real-time data across the enterprise
WYSIWYG graphical interface for in house designed workflows, accommodating any and all GRC programs, fully horizontally scalable
Multi-jurisdictional, Multi-lingual, Multi-functional: comply with any regulatory
requirement for True Horizontal Governance