Connected Banking: A Proactive Response to Open Banking in the United States
This IDC Perspective describes connected banking as a proactive response to open banking in the United States."The need to digitally transform the bank starts with the modernization of its legacy systems in the institution's datacenter," says Jerry Silva, Global Banking Research Director at IDC Financial Insights. "By moving from antiquated, legacy platforms to more modern architectures based on 3rd Platform technologies (cloud, big data and analytics, mobile, and social) and by using open API frameworks to accomplish this modernization, the bank benefits from a much more agile and 'connectable' infrastructure, where new product development is based on reusability of services. IDC calls this new capability 'connected banking.'"