Modern banks platform architecture

"Here is an example of what a modern bank's platform architecture could look like when composed of cloud-based services orchestrated via APIs. 𝗟𝗲𝘁'𝘀 𝗱𝗶𝘃𝗲 𝗶𝗻𝘁𝗼 𝘁𝗵𝗲 𝗪𝗵𝗲𝗲𝗹 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗲:

In the rapidly evolving landscape of the commercial and retail banking industry, many institutions now find themselves at a pivotal juncture.

For years, they have relied on internally developed systems, traditional infrastructure, and well-established processes and channels to attract and serve customers. But this approach has become a stifling anchor that can drag you into the abyss of stagnation.

It hinders innovation and slows time to value for those keen on embracing open finance, composable banking, and other modern technologies.

What is a financial services ecosystem?

A financial services ecosystem is an evolving collaboration model among various financial institutions that helps leverage their complementary offerings.

This multi-lateral, dynamic environment enables the delivery of a unified and seamless customer experience that is underpinned by mutuality and shared value across participants.

The diagram below is an example of what a modern bank's platform architecture could look like when composed of cloud-based services orchestrated via APIs.

This composition of ecosystem players providing critical capabilities is just the first step.

Modern banks can also take advantage of expanding the ecosystem with other partners to extend their products, services, and brand reach beyond their own digital channels and into areas that may be ancillary to their core propositions (e.g., investments, loyalty schemes, insurance, small business loans, etc)."

Author

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