What is involved in Open Banking

Find out what the related areas are that Open Banking connects with, associates with, correlates with or affects, and which require thought, deliberation, analysis, review and discussion. This unique checklist stands out in a sense that it is not per-se designed to give answers, but to engage the reader and lay out a Open Banking thinking-frame.

How far is your company on its Open Banking journey?

Take this short survey to gauge your organization’s progress toward Open Banking leadership. Learn your strongest and weakest areas, and what you can do now to create a strategy that delivers results.

To address the criteria in this checklist for your organization, extensive selected resources are provided for sources of further research and information.

Start the Checklist

Below you will find a quick checklist designed to help you think about which Open Banking related domains to cover and 35 essential critical questions to check off in that domain.

The following domains are covered:

Open Banking, Application programming interface, Competition and Markets Authority, Finance, Financial services, Financial technology, Open Innovation, Open data, Payment Services Directive, Transaction account, United Kingdom:

Open Banking Critical Criteria:

Give examples of Open Banking tasks and separate what are the business goals Open Banking is aiming to achieve.

– Think about the people you identified for your Open Banking project and the project responsibilities you would assign to them. what kind of training do you think they would need to perform these responsibilities effectively?

– Consider your own Open Banking project. what types of organizational problems do you think might be causing or affecting your problem, based on the work done so far?

– What are internal and external Open Banking relations?

Application programming interface Critical Criteria:

Boost Application programming interface planning and ask what if.

– How do we know that any Open Banking analysis is complete and comprehensive?

– How do we go about Securing Open Banking?

– How do we keep improving Open Banking?

Competition and Markets Authority Critical Criteria:

Gauge Competition and Markets Authority tasks and pioneer acquisition of Competition and Markets Authority systems.

– Is Open Banking dependent on the successful delivery of a current project?

– Do we have past Open Banking Successes?

Finance Critical Criteria:

Weigh in on Finance strategies and revise understanding of Finance architectures.

– How do we engage divisions, operating units, operations, internal audit, risk management, compliance, finance, technology, and human resources in adopting the updated framework?

– Are the organizations current procurement rules and culture set-up to approve and finance fluctuating costs, i.e. pay-per-use over fixed price services?

– Does the committee responsible for risk have direct communication with the finance function and with staff who have time to ask what if?

– How often do we hold meaningful conversations at the operating level among sales, finance, operations, IT, and human resources?

– What finance, procurement and Human Resources business processes should be included in the scope of a erp solution?

– What are the success criteria that will indicate that Open Banking objectives have been met and the benefits delivered?

– Adequate resources (staff, finances, etc.) to bring the business up to normal operating levels?

– To what extent does management recognize Open Banking as a tool to increase the results?

– How will the finance function within business change over the next five years?

– Does Open Banking analysis isolate the fundamental causes of problems?

– Is Business Intelligence a more natural fit within Finance or IT?

Financial services Critical Criteria:

Reconstruct Financial services issues and find the essential reading for Financial services researchers.

– Does Open Banking create potential expectations in other areas that need to be recognized and considered?

– Are there Open Banking Models?

Financial technology Critical Criteria:

Map Financial technology outcomes and look for lots of ideas.

Open Innovation Critical Criteria:

Derive from Open Innovation leadership and check on ways to get started with Open Innovation.

– What are our best practices for minimizing Open Banking project risk, while demonstrating incremental value and quick wins throughout the Open Banking project lifecycle?

– What new services of functionality will be implemented next with Open Banking ?

– What is Effective Open Banking?

Open data Critical Criteria:

Nurse Open data risks and adjust implementation of Open data.

– Think about the kind of project structure that would be appropriate for your Open Banking project. should it be formal and complex, or can it be less formal and relatively simple?

– Do we monitor the Open Banking decisions made and fine tune them as they evolve?

– Is a Open Banking Team Work effort in place?

Payment Services Directive Critical Criteria:

Have a session on Payment Services Directive strategies and question.

– How do senior leaders actions reflect a commitment to the organizations Open Banking values?

– Do the Open Banking decisions we make today help people and the planet tomorrow?

Transaction account Critical Criteria:

Incorporate Transaction account decisions and reinforce and communicate particularly sensitive Transaction account decisions.

– What are your key performance measures or indicators and in-process measures for the control and improvement of your Open Banking processes?

– What is the total cost related to deploying Open Banking, including any consulting or professional services?

– What are the top 3 things at the forefront of our Open Banking agendas for the next 3 years?

United Kingdom Critical Criteria:

See the value of United Kingdom decisions and achieve a single United Kingdom view and bringing data together.

– In a project to restructure Open Banking outcomes, which stakeholders would you involve?

Conclusion:

This quick readiness checklist is a selected resource to help you move forward. Learn more about how to achieve comprehensive insights with the Open Banking Self Assessment:

store.theartofservice.com/Open-Banking-Complete-Self-Assessment/

Author: Gerard Blokdijk

CEO at The Art of Service | theartofservice.com

[email protected]

www.linkedin.com/in/gerardblokdijk

Gerard is the CEO at The Art of Service. He has been providing information technology insights, talks, tools and products to organizations in a wide range of industries for over 25 years. Gerard is a widely recognized and respected information expert. Gerard founded The Art of Service consulting business in 2000. Gerard has authored numerous published books to date.

External links:

To address the criteria in this checklist, these selected resources are provided for sources of further research and information:

Open Banking External links:

Backbase – Open Banking Marketplace
marketplace.backbase.com

PSD2 and Open Banking – enterprise.microsoft.com
enterprise.microsoft.com/en-us/trends/psd2-and-open-banking

Open Banking APIs for HSBC, first direct and M&S Bank.
developer.hsbc.com/index.html

Application programming interface External links:

BEA Data Application Programming Interface (API)
www.bea.gov/API/signup/index.cfm

Data Application Programming Interface (API)
www.bea.gov/API/bea_web_service_api_user_guide.htm

Competition and Markets Authority External links:

Competition and Markets Authority – Home | Facebook
www.facebook.com/CMAgovUK

Competition and Markets Authority :: Law360
www.law360.com/agencies/competition-and-markets-authority

Tag : competition and markets authority | IPE
www.ipe.com/4247.tag

Finance External links:

Yahoo Finance – Business finance, stock market, quotes, …
uk.finance.yahoo.com

Financial services External links:

Harley-Davidson Financial Services
www.myhdfs.com

Springleaf Financial Services
www.springleaf.com

L&N Federal Credit Union – Louisville, KY – Financial Services
www.lnfcu.com

Financial technology External links:

Tradier | Financial Technology and Brokerage Services
tradier.com

Financial Technology Partners – Official Site
www.ftpartners.com

Clarus Financial Technology
www.clarusft.com

Open Innovation External links:

Cbased – Open Innovation Consulting
www.cbased.com

Open Innovation
openinnovation.astrazeneca.com

jovoto | open innovation platform
www.jovoto.com

Open data External links:

City of Boston | Open Data
data.cityofboston.gov

County of Sonoma | Open Data | Open Data | Sonoma County
data.sonomacounty.ca.gov

PQRS | Open Data | Socrata
pqrs.cms.gov

Payment Services Directive External links:

[PDF]Payment Services Directive 2 – Deutsche Bank
www.cib.db.com/docs_new/White_Paper_Payments_Services_Directive_2.pdf

Payment Services Directive 2 (PSD2) | …
paymentscompliance.com/regulation/payment-services-directive-2

[PDF]The Second Payment Services Directive (PSD2)
www.paymentsuk.org.uk/sites/default/files/PSD2 report June 2016.pdf

Transaction account External links:

FDIC Transaction Account Guarantee Program
www.intrustbank.com/disclosure/13

United Kingdom External links:

BBC Weather – United Kingdom
www.bbc.com/weather/2635167

Apple Store UK – Apple (United Kingdom)
www.apple.com/uk

Calendar for Year 2017 (United Kingdom) – Time and Date
www.timeanddate.com/calendar/?year=2017&country=9

Categories: Documents