Not-for-profit standards association BIAN has launched the fourth iteration of its ‘Coreless Banking Initiative’ which has been developed alongside its members.
Coreless Banking 4.0 builds on the previous iteration launched last year, which provided banks with the ability to obtain customer consent to view customer accounts across different financial institutions.
The updated proof of concept will help banks identify customers who are likely to leave, or consider moving money outside of the bank and, using AI and Machine Learning, will identify personalised offers to encourage them to stay.
Members including Wells Fargo, Bangkok Bank, IBM, Salesforce, SID Global Solutions Zafin, TCS, and Temenos have worked on the latest iteration.
BIAN cited research by 10x Banking published last year which found that one in eight global banking leaders (12%) state they have lost 30% to 40% of their existing customers to rivals due to poor customer service.
Steve Van Wyk, chair of the BIAN board, said: “The fact that our Coreless Banking model continues to evolve alongside the needs of the industry shows the value of the BIAN working model to solve common industry problems.
“By combining the expertise of our member organizations, with the BIAN Models, BIAN APIs and BIAN Microservices, we’re able to think outside of the box, without the limitations set by working in siloes.”
Ian Guy Gilliard, senior executive vice president at Bangkok Bank, added: “We fully believe that the Coreless Banking concept will be the key to all banking developments in the future.
“The updated concept will use the latest technology to analyse customer behaviour insights to help banks to provide clear value to the customer. This will make an incredible difference across our business.”
BIAN, which stands for Banking Industry Architecture Network, was established in 2008 to build and promote a common architectural framework for banking interoperability issues.
