INDUSTRY WATCH consumers on a per-use basis to allow them to selfassess against both a standard and an AI-enriched credit score .
Leverage the cloud
Uday Shankar Kizhepat , Vice President and General Manager
Middle East and Africa Region at WSO2 model with app developers through a premium , paid-for API . The bank could open this offering to
ANY BUSINESS THAT IS BUILDING AN APP THAT OFFERS PATHS TO PERSONAL LOANS , PROPERTY LEASING , WHERE CREDIT PLAYS A ROLE WILL FIND SCORING DATA USEFUL .
Finally , top tier banks based in countries such as the UAE that are at the forefront of the revolution , have another opportunity to monetise the open-data paradigm . They can use their scale and pre-existing technology stacks to sell subscription-style cloud services that offer open-banking platforms to those that are hesitant to commit to the deployment and maintenance of their own systems .
Banks could , for example , extend their own developed capabilities such as customer authentication or consumer consent management . Third-party app developers could then tap into the aaS offering via a per-number-of-users payment model .
Meanwhile , banks that combine their authentication features with their consent management capabilities could enable businesses in other industries that require customer consent to share information to do so unimpeded .
For example , medical facilities could , via the consent management features offered as a service by a bank , share patient information , subject to consent , with insurance providers to streamline treatments and claims . The bank ’ s cloud service would only need to store a unique identifier for the patient record and a reference to the insurance policy , rather than keeping detailed records on all parties .
The insurance app would redirect to the bank ’ s consent management system every time it needs consent . This service would come built in with the same consent management workflows that allow consumers to manage their data-sharing preferences .
If open banking is the future , that means APIs are too . Embracing them early can only be beneficial . By leveraging their existing capabilities , digital and otherwise , the region ’ s banks can shape the API without having to adapt to some future industry standard .
They can behave as platform companies and enjoy all the advantages that entails , agility , innovation , cost shaving . They can partner with fintech companies in ways that allow each to learn and benefit from the other . And they can stand out , by being the first to go beyond mandated standards and offer the valueadding services of tomorrow , today . p
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