What is The Banking Industry Architecture Network?


Together our network of professionals is dedicated to lowering the cost of banking and boosting speed to innovation in the industry. We encourage our members to combine their industry expertise to define a revolutionary banking technology framework that standardises and simplifies core banking architecture. Unfortunately, this has typically been convoluted and outdated, and made it difficult to connect banks and their customers.

What is the Coreless Banking Initiative?

The initiative was created to put banks back in the driving seat when it comes to the development of new technology. It will provide a platform which encourages collaboration between leading software vendors and banks to co-create future-proof, regulatory-compliant and universally compatible banking infrastructure based on BIAN Compliant micro-services.

How does the initiative benefit the industry?

The Coreless Bank initiative aims to promote a more efficient and effective approach to modernising banking software. The collaboration between initiative partners will make it easier for banks to source and adopt new business services, which will aid the constant challenge of meeting the ever changing needs of the modern-day consumer and the issues caused by existing legacy infrastructure.

Why did BIAN decide to create the initiative?

Banks have been limited by outdated core infrastructure solutions for decades. In an open banking world, existing technology is making it incredibly difficult and costly to innovate at the speeds required to fulfil the customers’ needs. Migrating away from legacy technology is a big challenge, but with the Coreless Banking initiative, banks will be able overcome these challenges and drive innovation.

What do you think will be the biggest change to the industry in 2020?

I believe that AI will be the tool which will have the biggest impact in 2020. Banks will be able to offer the consumer more personalised services and offerings which will change the way they interact with their bank. The use of AI will help banks to create a seamless customer experience, like we have seen with the physical Amazon stores. If AI continues to develop the way it is, 2020 looks to be an exciting year for the banking sector!