A Modern Approach to Core Banking Strategy & Technology Architecture
The Core Banking Revolution Is Here
Composable Banking is a technology and transformation approach that addresses the simple fact that change is constant. To ensure that banks and FI’s can innovate swiftly and maintain the greatest level of control over their product roadmap, they must adopt a modular or “swappable” architecture.
M-A-C-H: The Characteristics of a Composable Approach
Building the Business Case
Building the Business Case
Take control of your product roadmap
Composable banking enables a broader universe of build, buy or partner decisions in order to deliver new products and experiences to customers.
Reduce transformation risk
Because components are swappable and modular, banks and FI’s are not locked in to a single vendor or ‘big bang’ release cycles.
Adopt a data driven approach
Cloud native banking cores have a much higher level of data available to be queried. Build an analytics and insights practice to understanding customer behaviour.
Accelerate timelines to realize ROI
With a composable approach, speed matters. Firms can control their speed to market by delivering products in an iterative and incremental approach.
Cost reduction and re-use
APIs are rationalized and bundled for re-use across the enterprise, reducing API footprint, and calls to the core through a leaner application stack.
How We Get Involved
High-touch, high-value engagements to align stakeholders and define priorities to align your roadmap with your technology architecture.
Partner with internal technology and our own financial software development teams to develop a phased implementation approach focused on ROI
Leadership, training, and access to top-shelf talent to accelerate the product development cycle and build digital capabilities
Deploy highly specialized teams to execute against the product roadmap
Augment in-house teams with specialized expertise
What is composable banking?
Composable Banking is a technology and transformation approach that addresses the simple fact that change is constant. To ensure that banks and FI’s can innovate swiftly and maintain the greatest level of control over their product roadmap, they must adopt a modular or “swappable” architecture. The characteristics that define Composable banking follow the MACH principles: Microservices, API First, Cloud Native, Headless
What is the difference between Composable Banking and Open Banking
There are many similar themes between Composable Banking and Open Banking but composable banking is primarily a technology architecture approach and open banking is an industry trend relating to the enablement of how consumer bank data is shared securely banking ecosystem stakeholders. A composable banking approach is a significant change to how the underlying systems that power banking experience are managed by banks and FI’s. There are some areas of overlap between Composable Banking and Open Banking – specifically, API’s are key enabler of how new and different banking experiences are delivered to customers.