For implementing their Open Banking program, the client’s plan was to provide a secure data exchange and market platform. Customers would require to provide their consent to share their account-, transaction-, and other banking-related data to licensed third parties in Australia and New Zealand to access a full portfolio of financial products and services.
The bank sought a complete data engineering solution to implement this technology-driven strategy to increase customer stickiness and share-of-wallet growth. Their vision for this marketplace portal was to enable their customers to manage all their banking needs in one place, and easily switch or sign up for new products or banks.
Key to success would be an “open banking data architecture” characterized by the highest privacy and security safeguards, at the same time assuring availability and flexibility to all involved parties.