Open Banking Implementation Framework for Financial Institutions
Navigating the “when” and “how to get started” when implementing CFPB 1033 Open Banking can be a daunting process which can vary substantially from organization to organization. Although seemingly obvious, breaking it down into the individual project phases can help gain valuable insight into what it will take before diving headfirst into implementation. Many of the steps/processes may not require recreating the wheel but can leverage existing policies and processes which can be aligned to accommodate Open Banking. Two key areas of consideration in getting started are Stakeholders and Strategy.
Stakeholders - Identifying and bringing in the right internal stakeholders from the onset is crucial and will make this initial phase as well as the subsequent process much more manageable. Get your folks interested, involved, and thinking about Open Banking from the onset. Leverage their experience across their areas of expertise as they know your organization and its customers the best.
Strategy - As with any new initiative the key to success hinges on having a clear understanding of the benefits and objectives of Open Banking as related to your organization and its customers, and how that fits in with your current strategy, technology, and budget. This phase will lay down the roadmap and provide the stakeholders with a clear picture of the roles each will play showing how the various pieces will come together in making it a success.
IntelliTrade, leveraging years of experience in working with financial institutions in implementing Open Banking and data management/distribution solutions breaks down the process into 6 phases, from defining the initial strategy through to launch in their white paper on Implementing Open Banking.
Download the White Paper