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 47 essential critical questions to check off in that domain.
The following domains are covered:
Open Banking, Account aggregation, Application programming interface, Competition and Markets Authority, Finance, Financial Inclusion Centre, Financial services, Financial technology, Mick McAteer, Open Innovation, Open data, Payment Services Directive, Transaction account, United Kingdom:
Open Banking Critical Criteria:
Consult on Open Banking engagements and inform on and uncover unspoken needs and breakthrough Open Banking results.
– Do several people in different organizational units assist with the Open Banking process?
– Does Open Banking appropriately measure and monitor risk?
Account aggregation Critical Criteria:
Be responsible for Account aggregation results and look in other fields.
– What other jobs or tasks affect the performance of the steps in the Open Banking process?
– How much does Open Banking help?
– How to Secure Open Banking?
Application programming interface Critical Criteria:
Learn from Application programming interface visions and handle a jump-start course to Application programming interface.
– Will new equipment/products be required to facilitate Open Banking delivery for example is new software needed?
– What is the source of the strategies for Open Banking strengthening and reform?
Competition and Markets Authority Critical Criteria:
Focus on Competition and Markets Authority leadership and separate what are the business goals Competition and Markets Authority is aiming to achieve.
– How do your measurements capture actionable Open Banking information for use in exceeding your customers expectations and securing your customers engagement?
– Who will be responsible for documenting the Open Banking requirements in detail?
– Can Management personnel recognize the monetary benefit of Open Banking?
Finance Critical Criteria:
Own Finance management and question.
– 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?
– Adequate resources (staff, finances, etc.) to bring the business up to normal operating levels?
– How will the finance function within business change over the next five years?
– How will we insure seamless interoperability of Open Banking moving forward?
– Is Business Intelligence a more natural fit within Finance or IT?
– Who needs to know about Open Banking ?
– Is a Open Banking Team Work effort in place?
Financial Inclusion Centre Critical Criteria:
Investigate Financial Inclusion Centre outcomes and explore and align the progress in Financial Inclusion Centre.
– What prevents me from making the changes I know will make me a more effective Open Banking leader?
Financial services Critical Criteria:
Be responsible for Financial services engagements and sort Financial services activities.
– Among the Open Banking product and service cost to be estimated, which is considered hardest to estimate?
– Are accountability and ownership for Open Banking clearly defined?
– What are the Essentials of Internal Open Banking Management?
Financial technology Critical Criteria:
Contribute to Financial technology risks and proactively manage Financial technology risks.
– What are your key performance measures or indicators and in-process measures for the control and improvement of your Open Banking processes?
– Will Open Banking deliverables need to be tested and, if so, by whom?
– What are internal and external Open Banking relations?
Mick McAteer Critical Criteria:
Troubleshoot Mick McAteer tactics and separate what are the business goals Mick McAteer is aiming to achieve.
– What is our formula for success in Open Banking ?
Open Innovation Critical Criteria:
Value Open Innovation failures and inform on and uncover unspoken needs and breakthrough Open Innovation results.
– What will be the consequences to the business (financial, reputation etc) if Open Banking does not go ahead or fails to deliver the objectives?
– What role does communication play in the success or failure of a Open Banking project?
– Is Open Banking dependent on the successful delivery of a current project?
Open data Critical Criteria:
Think carefully about Open data quality and oversee Open data management by competencies.
– How can you negotiate Open Banking successfully with a stubborn boss, an irate client, or a deceitful coworker?
– Who is responsible for ensuring appropriate resources (time, people and money) are allocated to Open Banking?
– Are we making progress? and are we making progress as Open Banking leaders?
Payment Services Directive Critical Criteria:
Cut a stake in Payment Services Directive risks and oversee Payment Services Directive management by competencies.
– Can we do Open Banking without complex (expensive) analysis?
– How do we go about Comparing Open Banking approaches/solutions?
Transaction account Critical Criteria:
Unify Transaction account strategies and track iterative Transaction account results.
– What are our best practices for minimizing Open Banking project risk, while demonstrating incremental value and quick wins throughout the Open Banking project lifecycle?
– Do we monitor the Open Banking decisions made and fine tune them as they evolve?
– To what extent does management recognize Open Banking as a tool to increase the results?
United Kingdom Critical Criteria:
Gauge United Kingdom governance and get going.
– Meeting the challenge: are missed Open Banking opportunities costing us money?
– What is Effective Open Banking?
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
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:
Open Banking—Are You Ready? | Bloomberg Law
www.bna.com/open-bankingare-ready-n73014473723
Open Banking Trends: Pulse Survey 2017 | Accenture
www.accenture.com/us-en/insight-open-banking-trends
THE OPEN BANKING REPORT: How banks can leverage …
www.businessinsider.com/open-banking-report-2017-4
Account aggregation External links:
Account Aggregation Technology for Financial Advisors | …
emoneyadvisor.com/features/account-aggregation
Account Aggregation – Investopedia
www.investopedia.com/terms/a/account-aggregation.asp
Account Aggregation Makes Managing Money Easier
www.thebalance.com/what-is-account-aggregation-1293879
Application programming interface External links:
[PDF]PROPAY APPLICATION PROGRAMMING INTERFACE
www.propay.com/en-US/Documents/API-Docs/ProPay-API-Manual
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
Finance External links:
Gateway One Lending & Finance
www.gatewayonelending.com
Financial services External links:
Wealth Management and Financial Services from Merrill Lynch
www.ml.com
Nebraska DHHS: Financial Services
dhhs.ne.gov/Pages/fis_fisindex.aspx
Financial technology External links:
Canvas – Financial Technology Beta Testing Community
canvas.citi.com
Clarus Financial Technology
www.clarusft.com
Financial Technology Leader – Global Payments
www.globalpaymentsinc.com
Mick McAteer External links:
Mick McAteer – Bloomberg
www.bloomberg.com/profiles/people/3842140-mick-mcateer
Mick McAteer (@MickMcAteer) | Twitter
twitter.com/MickMcAteer
Open Innovation External links:
Open Innovation
openinnovation.astrazeneca.com
Open Innovation | Accenture
www.accenture.com/us-en/technology-insight-open-innovation
Open Innovation | Hypios CrowdInnovation
www.hypios-ci.com
Open data External links:
City of Seattle Open Data portal
data.seattle.gov
California Health and Human Services Open Data Portal
data.chhs.ca.gov
State of New York | Open Data | Open Data NY
data.ny.gov
Payment Services Directive External links:
PSD2 — Payment Services Directive 2 | IBM Cloud
www.ibm.com/cloud/banking/open
Transaction account External links:
Dealer Transaction Account – SCDMV
scdmvonline.com/Business-Customers/Dealers/Dealer-Transaction-Account
[PDF]Checks and Other Transaction Account Payments …
www.fdic.gov/consumers/overdraft/overdraft-low-res.pdf
What is TRANSACTION ACCOUNT? definition of …
thelawdictionary.org/transaction-account
United Kingdom External links:
About FedEx | United Kingdom
www.fedex.com/gb/about
Year 2018 Calendar – United Kingdom
www.timeanddate.com/calendar/?country=9
Holidays and observances in United Kingdom in 2018
www.timeanddate.com/holidays/uk