We are witnessing a profound and radical change to the traditional banking model globally. The boundaries and roles among players are blurring while bank customer expectations are radically different than just a few years ago. The concept of “open finance,” whether driven by competition or regulation, is breaking up the traditional banking value chain, opening up the global banking industry, and changing the dynamics of the banking market.
Many view open finance (consumer-directed finance as the Department of Finance has designated it) as a threat to traditional banking, with challengers and fintechs seeking to entice consumers through innovation and niche offerings. We at CGI see it as a great opportunity for collaboration. Traditional banks have the advantage of strong reputations and longstanding client relationships, and, by partnering with fintechs, they can improve their customer propositions and generate new revenue streams. We are here to serve as the bridge between the established and the emerging, helping our clients navigate the ever-evolving banking ecosystem.
This white paper provides an overview of our approach toward open finance and a look at the types of solutions and offerings that will be available to our clients, and their customers, in this space.
CGI Open Finance
CGI Open Finance is a complete solution for open banking, enabling the integration of traditional banks and their product-centric applications with FinTechs through an API and orchestration layer.