Benefits of BIAN Membership for banks:
Now more than ever banks need to adapt to a rapidly changing business environment. Banks are under pressure to deliver innovative products that enhance the customer experience whilst also increasing flexibility and reducing costs. Each year, the industry spends billions on IT projects and proprietary platforms whilst facing the same challenges: obsolete software, high integration costs and complex IT systems. Adopting open standards and working together to co-create these standards will create benefits for all involved. Participation allows banks to help shape the future of banking services, whilst increasing the agility of IT infrastructures, which in turn will reduce development and integration costs.
Benefits of BIAN Membership for software vendors:
Banks have traditionally focused on in-house banking application development. However, by participating in discussions with banks about the future of banking IT infrastructure and the agreed protocols and semantic standards, software vendors have the opportunity to provide productized solutions which meet the needs of the largest banks.
BIAN membership, therefore, gives software vendors a competitive edge, with greater insight into the exact needs and requirements of banks. The potential benefits of working together are enormous: agreeing on common semantics, discovering other communalities, leveraging synergies, sharing of experiences and gaining benefits from a worldwide network of peers from enterprise architecture and lines of business.
Benefits for system integrators:
Through BIAN membership, member systems integrators (SI) will have access to a broad set of software vendors, whose banking enterprise products and services can be utilized and integrated into overall solutions at a lower overall cost. This access will allow SIs to offer new and compelling value propositions to banks. SI’s will also have access to in-depth domain expertise through connections to other member ISVs, and an overall SOA-based approach, making it easier for them to work with banks to integrate core banking systems.