Today the Banking Industry Architecture Network (BIAN) is introducing five new members to its network of leading banks, technology providers, consultants and academics.
The newest members further expand BIAN’s global footprint. Australian tech services provider Data Action is joined by Nordea, the largest financial services group in Northern Europe, Singapore-listed financial technology expert Silverlake Axis, US-head-quartered IT consultancy VirtusaPolaris and New Zealand-based consultancy IntegrationWorks.
These IT experts join with the goal of supporting BIAN to address a major concern in the industry: 65% of a bank’s IT budget is still spent on the sheer cost of integration. The new members are committed to utilising their expertise in business infrastructure to help to reduce the cost of integration, enabling banks align to a long term roadmap and vision for innovation.
Among the new joiners is Nordea - which offers services across institutional, retail and private banking. Nordea will be working alongside existing banking members, including PNC Financial Services Group, Bangkok Bank and Credit Suisse, to fine-tune BIAN’s revolutionary banking technology framework and boost speed to innovation for the industry.
Ian Vanstone, chief technology officer IntegrationWorks explained why BIAN membership is important to the financial services industry: “With a rapidly changing digital landscape that includes aggressive and agile FinTech companies sweeping the market, it is imperative that traditional banking and finance organisations are able to optimise their legacy systems while providing seamless end-user experience across multiple digital platforms. There is a real competitive advantage there for a modern merging of old and new systems, if enabled properly via integration. We pride ourselves on bringing integration expertise through strategy, architectural, development, testing and deployment that ultimately delivers that competitive and commercial advantage to banking organisations globally.”
Alexei Fey, general manager -technology, Data Action commented: “We see BIAN membership as a great opportunity to further align our technical and business driven offerings to industry standards and to help shape, and gain insights into global banking trends. We look forward to collaboration with peers around the world through working groups around core banking, lending and API / integration as some of the key benefits from BIAN membership. Strategically, this will enable us to keep abreast with both the industrialising nature of banking and disruption trends that are becoming commonplace in the consumer driven digital age we work in.”
His sentiments were echoed by Dr Raymond Kwong, CEO and group managing director Silverlake Axis: “Becoming a BIAN member will provide a unique opportunity for Silverlake Axis to work closely with a larger ecosystem of banks, technology vendors and consultants. As a leading FinTech provider, Silverlake Axis is using technology to transform and create value for our customers and business partners. This is a good platform for us to collaborate and innovate with other financial industry experts.”
Commenting on the introduction of five new members to the BIAN Network, Hans Tesselaar, executive director BIAN said: “The banking industry has changed almost beyond recognition in recent years, but the digital transformation that we have experienced so far is just a fraction of the shift that is to come. At BIAN we fundamentally believe that by collaborating effectively across the financial services field - from FinTechs and traditional banks, to technology vendors and consultants, we can navigate this period of change together - so that the digitisation of banking is seen for what it is: an exciting opportunity to make real changes to the industry and open the door to new business models.
“By becoming members of BIAN, Data Action, Silverlake Axis, VirtusaPolaris, IntegrationWorks and Nordea are putting a stake in the ground as industry leaders and making a commitment to shaping the future of the financial services industry.”