The Banking Industry Architecture Network (BIAN) has announced the launch of its fourth iteration of the Coreless Banking Initiative, developed in collaboration with members such as Wells Fargo, Bangkok Bank, and IBM.
The latest iteration, Coreless Banking 4.0, follows on from its predecessor by enabling banks to identify customers who may be considering leaving and to create personalised offers through the use of Artificial Intelligence (AI) and Machine Learning (ML) to retain them.
According to research by 10x, some 12% of global banking leaders have reported losing 30-40% of their customers to rival institutions, underscoring the importance of the new initiative.
The initiative aims to preserve banks' intellectual property while offering these capabilities, using standard service definitions that serve as building blocks, adaptable to the specific needs of each financial institution.
Steve Van Wyk, Chairman of the BIAN Board, remarked, "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."
The involvement of Bangkok Bank was particularly significant. Ian Guy Gilliard, Senior Executive Vice President of Bangkok Bank, expressed support for the initiative, stating: "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."
Established in 2008, the Banking Industry Architecture Network (BIAN) is an independent, member owned, not-for-profit association, designed to build and promote a common architectural framework for banking interoperability issues. BIAN's goal is to define operability and semantic definitions for IT services in the banking industry.
The community of more than 80 members focuses on creating a standard semantic banking services landscape, while ensuring consistent service definitions, levels of detail and boundaries. This will help banks to achieve a reduction of integration costs and take advantage of a microservices architecture. Financial institutions, software vendors, and system integrators, along with technology partners and consultancies, are invited to join the association and play a collaborative role with other industry leaders in defining, building, and implementing next-generation banking platforms.
