{"id":652,"date":"2020-06-05T21:09:13","date_gmt":"2020-06-05T21:09:13","guid":{"rendered":"https:\/\/www.finahukuk.com\/en\/?p=652"},"modified":"2020-06-07T09:43:58","modified_gmt":"2020-06-07T09:43:58","slug":"open-banking-in-turkey","status":"publish","type":"post","link":"https:\/\/www.finahukuk.com\/en\/2020\/06\/05\/open-banking-in-turkey\/","title":{"rendered":"14 questions that show whether your institution is ready for open banking"},"content":{"rendered":"\r\n

Open banking in Turkey is more than just a fashion term.\u00a0Behind this are a variety of strategies that should help to intensify the customer relationship and generate new earnings through new business models.\u00a0A checklist with 14 questions shows what is important.<\/strong><\/h4>\r\n\r\n\r\n\r\n

Modern, digital banking is often equated with the modernization of IT systems.\u00a0But it is about much more: A central task is a relationship with the customer and the necessary improvement of the customer experience.\u00a0To do this, financial institutions must above all break up monolithic, institutionalized processes, and create a culture that promotes innovation.<\/p>\r\n\r\n\r\n\r\n

The implementation of\u00a0PSD2\u00a0and the associated opening of payment transactions to third-party providers is only an entry into an open banking ecosystem.\u00a0In view of the increasing intensity of competition, banks and savings banks must also look for new sources of income and try to retain customers with new offers and services, not least so as not to endanger their own relevance.<\/p>\r\n\r\n\r\n\r\n

An open approach, which is supported by technologies such as\u00a0Open APIs\u00a0(Application Programming Interfaces), Linux Containers and Hybrid Cloud, as well as by the cultural willingness to cooperate more openly, can help banks and savings banks to bind their customers more strongly and Open Use banking profitably.<\/p>\r\n\r\n\r\n\r\n

Open banking checklist<\/h2>\r\n\r\n\r\n\r\n

Nikolai Stankau Director Business Development of the open-source technology provider Red Hat, has designed a checklist with 14 questions that financial institutions can use to check whether they fulfill important requirements for implementing open banking strategies.\u00a0The questions relate to the areas of skills, technological basis, application development and deployment as well as success measurement.<\/p>\r\n\r\n\r\n\r\n

Open banking skills<\/h3>\r\n\r\n\r\n\r\n

Very few banks in Turkey have the internal resources and know-how to build and deploy an open API ecosystem.\u00a0Most institutes will, therefore, have to rely on technology partners to close the skills gap.\u00a0The questions that banks have to ask are:<\/p>\r\n\r\n\r\n\r\n

    \r\n
  1. Can cross-functional teams be quickly formed to implement changing business requirements?<\/li>\r\n
  2. How attractive is your own organization for talented developers?\u00a0Does it contribute to the open source community?<\/li>\r\n
  3. Which incentive programs are used to promote the exchange of positive and negative experiences from the development of prototypes?<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

    Technological foundation of open banking<\/h3>\r\n\r\n\r\n\r\n

    Open banking also stands for high agility.\u00a0The rapid implementation of changes requires a high degree of flexibility in the technological basis for API applications.\u00a0The questions are:<\/p>\r\n\r\n\r\n\r\n

      \r\n
    1. How easy is it for developers to access the data, tools and systems they need?<\/li>\r\n
    2. Can developers easily use the data, tools and systems?<\/li>\r\n
    3. Is there a standard concept for creating API-centric architectures for individual components?<\/li>\r\n
    4. What is the process of solving problems that arise when working on the technological basis?<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

      Application development and delivery<\/h3>\r\n\r\n\r\n\r\n

      The efficient, secure use of an open API environment is a fundamental prerequisite for a successful open banking strategy in Turkey.\u00a0The questions are:<\/p>\r\n\r\n\r\n\r\n

        \r\n
      1. Can different user segments be created, addressed and different sales channels designed quickly?<\/li>\r\n
      2. How easy is it for new employees to use APIs?\u00a0Are the APIs well documented?\u00a0Are there sample applications?<\/li>\r\n
      3. What are the guidelines for security in DevOps?<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

        Success measurement<\/strong>\u00a0of open banking initiatives<\/h3>\r\n\r\n\r\n\r\n

        The success of open banking initiatives in Turkey must always be aligned with the business goals.\u00a0The key questions are:<\/p>\r\n\r\n\r\n\r\n

          \r\n
        1. What key performance indicators (KPIs) are used to measure the success of the open banking strategy?<\/li>\r\n
        2. Can different fee structures be defined for different target segments?<\/li>\r\n
        3. How is the success of development projects measured?<\/li>\r\n
        4. Which automation initiatives are being pursued?<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

          Secure new business opportunities<\/h2>\r\n\r\n\r\n\r\n

          Ultimately, hardly any financial service provider will be able to get past an open banking strategy.\u00a0It is a key component in driving digitalization and improving operational efficiency.\u00a0In addition, such a strategy with consistent and structured use of API opens up new business opportunities for financial institutions of Turkey and enables them to work more productively or to develop completely new business models.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

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