45 Open Banking Criteria for Multi-purpose Projects

What is involved in Open Banking

Find out what the related areas are that Open Banking connects with, associates with, correlates with or affects, and which require thought, deliberation, analysis, review and discussion. This unique checklist stands out in a sense that it is not per-se designed to give answers, but to engage the reader and lay out a Open Banking thinking-frame.

How far is your company on its Open Banking journey?

Take this short survey to gauge your organization’s progress toward Open Banking leadership. Learn your strongest and weakest areas, and what you can do now to create a strategy that delivers results.

To address the criteria in this checklist for your organization, extensive selected resources are provided for sources of further research and information.

Start the Checklist

Below you will find a quick checklist designed to help you think about which Open Banking related domains to cover and 45 essential critical questions to check off in that domain.

The following domains are covered:

Open Banking, Account aggregation, Application programming interface, Competition and Markets Authority, Finance, Financial Inclusion Centre, Financial services, Financial technology, Mick McAteer, Open Innovation, Open data, Payment Services Directive, Transaction account, United Kingdom:

Open Banking Critical Criteria:

Examine Open Banking planning and get going.

– Can we add value to the current Open Banking decision-making process (largely qualitative) by incorporating uncertainty modeling (more quantitative)?

– Is there any existing Open Banking governance structure?

Account aggregation Critical Criteria:

Adapt Account aggregation leadership and adopt an insight outlook.

– How do we make it meaningful in connecting Open Banking with what users do day-to-day?

– Who is the main stakeholder, with ultimate responsibility for driving Open Banking forward?

Application programming interface Critical Criteria:

Graph Application programming interface visions and catalog what business benefits will Application programming interface goals deliver if achieved.

– Is there a Open Banking Communication plan covering who needs to get what information when?

– Why should we adopt a Open Banking framework?

Competition and Markets Authority Critical Criteria:

Differentiate Competition and Markets Authority issues and transcribe Competition and Markets Authority as tomorrows backbone for success.

– What are our best practices for minimizing Open Banking project risk, while demonstrating incremental value and quick wins throughout the Open Banking project lifecycle?

– Marketing budgets are tighter, consumers are more skeptical, and social media has changed forever the way we talk about Open Banking. How do we gain traction?

– What potential environmental factors impact the Open Banking effort?

Finance Critical Criteria:

Pilot Finance outcomes and define what do we need to start doing with Finance.

– Think about the people you identified for your Open Banking project and the project responsibilities you would assign to them. what kind of training do you think they would need to perform these responsibilities effectively?

– How do we engage divisions, operating units, operations, internal audit, risk management, compliance, finance, technology, and human resources in adopting the updated framework?

– Are the organizations current procurement rules and culture set-up to approve and finance fluctuating costs, i.e. pay-per-use over fixed price services?

– Does the committee responsible for risk have direct communication with the finance function and with staff who have time to ask what if?

– How often do we hold meaningful conversations at the operating level among sales, finance, operations, IT, and human resources?

– What finance, procurement and Human Resources business processes should be included in the scope of a erp solution?

– Among the Open Banking product and service cost to be estimated, which is considered hardest to estimate?

– Adequate resources (staff, finances, etc.) to bring the business up to normal operating levels?

– How will the finance function within business change over the next five years?

– Is Business Intelligence a more natural fit within Finance or IT?

– What are our Open Banking Processes?

Financial Inclusion Centre Critical Criteria:

Add value to Financial Inclusion Centre goals and separate what are the business goals Financial Inclusion Centre is aiming to achieve.

– What role does communication play in the success or failure of a Open Banking project?

– Who needs to know about Open Banking ?

– How much does Open Banking help?

Financial services Critical Criteria:

Substantiate Financial services projects and create Financial services explanations for all managers.

– Who is responsible for ensuring appropriate resources (time, people and money) are allocated to Open Banking?

– What are the top 3 things at the forefront of our Open Banking agendas for the next 3 years?

– Have the types of risks that may impact Open Banking been identified and analyzed?

Financial technology Critical Criteria:

Map Financial technology goals and pay attention to the small things.

– Which customers cant participate in our Open Banking domain because they lack skills, wealth, or convenient access to existing solutions?

– What about Open Banking Analysis of results?

Mick McAteer Critical Criteria:

Distinguish Mick McAteer projects and differentiate in coordinating Mick McAteer.

– How do we keep improving Open Banking?

Open Innovation Critical Criteria:

Learn from Open Innovation visions and separate what are the business goals Open Innovation is aiming to achieve.

– What are our needs in relation to Open Banking skills, labor, equipment, and markets?

– How do we Improve Open Banking service perception, and satisfaction?

Open data Critical Criteria:

Review Open data adoptions and define what do we need to start doing with Open data.

– what is the best design framework for Open Banking organization now that, in a post industrial-age if the top-down, command and control model is no longer relevant?

– What are the success criteria that will indicate that Open Banking objectives have been met and the benefits delivered?

– What business benefits will Open Banking goals deliver if achieved?

Payment Services Directive Critical Criteria:

Mix Payment Services Directive strategies and triple focus on important concepts of Payment Services Directive relationship management.

– Is the Open Banking organization completing tasks effectively and efficiently?

– How do we measure improved Open Banking service perception, and satisfaction?

– Which Open Banking goals are the most important?

Transaction account Critical Criteria:

See the value of Transaction account governance and develop and take control of the Transaction account initiative.

United Kingdom Critical Criteria:

Accumulate United Kingdom tasks and oversee implementation of United Kingdom.

– Does Open Banking systematically track and analyze outcomes for accountability and quality improvement?

– Who will be responsible for documenting the Open Banking requirements in detail?

Conclusion:

This quick readiness checklist is a selected resource to help you move forward. Learn more about how to achieve comprehensive insights with the Open Banking Self Assessment:

https://store.theartofservice.com/Open-Banking-Complete-Self-Assessment/

Author: Gerard Blokdijk

CEO at The Art of Service | http://theartofservice.com

gerard.blokdijk@theartofservice.com

https://www.linkedin.com/in/gerardblokdijk

Gerard is the CEO at The Art of Service. He has been providing information technology insights, talks, tools and products to organizations in a wide range of industries for over 25 years. Gerard is a widely recognized and respected information expert. Gerard founded The Art of Service consulting business in 2000. Gerard has authored numerous published books to date.

External links:

To address the criteria in this checklist, these selected resources are provided for sources of further research and information:

Open Banking External links:

mulesoft.com – Open Banking Starts With APIs
http://ad · www.mulesoft.com/Open_Banking

Open Banking—Are You Ready? | Bloomberg Law
https://www.bna.com/open-bankingare-ready-n73014473723

Open Banking APIs for HSBC, first direct and M&S Bank.
https://developer.hsbc.com

Account aggregation External links:

Account Aggregation – Investopedia
https://www.investopedia.com/terms/a/account-aggregation.asp

CashEdge, Account Aggregation | Fiserv
https://www.fiserv.com/about/brands/cashedge.aspx?select=US

Account Aggregation Technology for Financial Advisors | …
https://emoneyadvisor.com/features/account-aggregation

Application programming interface External links:

[PDF]PROPAY APPLICATION PROGRAMMING INTERFACE
https://www.propay.com/en-US/Documents/API-Docs/ProPay-API-Manual

Competition and Markets Authority External links:

Competition and Markets Authority – Home | Facebook
https://www.facebook.com/CMAgovUK

Competition and Markets Authority – YouTube
https://www.youtube.com/channel/UCja1TPKrUBUYqPXP8mRQEEQ

Finance External links:

Gateway One Lending & Finance
https://www.gatewayonelending.com

Financial services External links:

Nebraska DHHS: Financial Services
http://dhhs.ne.gov/Pages/fis_fisindex.aspx

Wealth Management and Financial Services from Merrill Lynch
https://www.ml.com

Financial technology External links:

Financial Technology Leader – Global Payments
https://www.globalpaymentsinc.com/en-ap

Clarus Financial Technology
https://www.clarusft.com

NES Financial Technology Company – FinTech Business …
https://nesfinancial.com

Mick McAteer External links:

Mick McAteer – Bloomberg
https://www.bloomberg.com/profiles/people/3842140-mick-mcateer

Mick McAteer (@MickMcAteer) | Twitter
https://twitter.com/MickMcAteer

Open Innovation External links:

jovoto | open innovation platform
https://www.jovoto.com

Open Innovation Platform | TEPCO CUUSOO
https://tepco.cuusoo.com

Dixie Chemical | The Element of Open Innovation
https://www.dixiechemical.com

Open data External links:

data.pa.gov | PA Open Data Portal
https://data.pa.gov

Michigan | Open Data | Michigan | Open Data
https://data.michigan.gov

State of New York | Open Data | Open Data NY
https://data.ny.gov

Payment Services Directive External links:

PSD2 — Payment Services Directive 2 | IBM Cloud
https://www.ibm.com/cloud/banking/open

Payment Services Directive 2 (PSD2) | PaymentsCompliance
https://paymentscompliance.com/regulation/payment-services-directive-2

Transaction account External links:

What is TRANSACTION ACCOUNT? definition of …
https://thelawdictionary.org/transaction-account

Dealer Transaction Account – SCDMV
http://scdmvonline.com/Business-Customers/Dealers/Dealer-Transaction-Account

United Kingdom External links:

Kristina Rihanoff | United Kingdom | Dance to the Music Tour
https://www.dancetothemusictour.com

Brendan Cole | United Kingdom | Brendan Cole Tour
https://www.brendancolelive.com

Year 2018 Calendar – United Kingdom
http://www.timeanddate.com/calendar/?country=9