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Challenges and solutions in the evolution of banking applications
Digital solutions for a more open and integrated financial ecosystem: standardized APIs and semantic models to ensure sustainability, flexibility, and innovation.
New digital frontiers for the financial sector
The financial sector, with banks, real credit institutions, pension companies, and real estate management firms, is one of the most digitized sectors in the world. Digitalization is evolving and changing rapidly, as is the financial ecosystem. Financial institutions need support for agile digital transformation in an open financial ecosystem, where multiple ecosystem actors collaborate to meet customers' financial needs. In this evolving ecosystem, financial institutions want to remain 'trusted custodians of customers' financial services and assets'.
Challenges
The main challenges in the financial sector concern the need to provide a comprehensive architectural framework that includes all elements, tools, and methodologies necessary to create a sustainable operating model, aligned with available market standards. It is essential to focus on defining semantic services and adopting APIs that improve semantic integration within the financial services landscape. Additionally, financial institutions must be able to develop and manage an operational environment characterized by low interdependence among its components.
Agile Transformation
Integration and Architecture Challenges
Standardization with BIAN
The solution
Core Reply has adopted a semantic model solution for API design in the financial sector, aiming to establish a standard that covers most architectural levels in banking. This vision results in the standardization of business functions, service interactions, and business objects, thus outlining the typical structure of a bank. The use of a globally recognized semantic model allows Core Reply to leverage these fundamental components to adopt a sustainable long-term approach. This not only facilitates process standardization but also ensures future flexibility and scalability.