Banks and Fintech companies are faced with daily challenges, from security attacks, data breaches, payment theft, FCA fines, availability of TPP systems, and outages. For an industry that relies on public trust and availability, outages are especially critical and are probably the thing that most keeps you up at night. It only takes one major breach breaking on the news agenda to damage public perception of the whole Open Banking industry, while it’s still only in its infancy.
On top of this, you now have to consume new technologies and IT, which are things that you didn’t previously have visibility over, or control over, or even care about. The push for companies to move to the cloud is strong, without a clear defining reason why it’s the better solution. The worst part is that if these technologies fail for any reason, you face fines, as well as the trust and availability damage to your business. If you think this all sounds too much like hard work and don’t do anything - you also face fines. Rock, meet hard place.
From an ecosystem perspective, a lot of these new technologies are operating on public cloud environments over the internet. Financial organisations are being told that the internet is ‘fine’ for this purpose. But if your business relies on availability, is ‘fine’ really enough? Should you take the risk?
The internet does allow you to build your network, with working APIs and data movement, but it’s not necessarily the right way, or the right answer. There are a number of ways in which you can embrace security measures that will help prevent breaches and improve visibility over what is happening on your estate.
The internet is appropriate for a number of things, but it’s under a huge amount of pressure. I’ve seen under the bonnet, and it’s not pretty! Imagine the amount of data running across the internet from WhatsApp messages and video streaming to online gaming and more. We’re heading for a time when withstanding the load is going to become increasingly difficult and have a knock on effect to all of those consuming it. Are you comfortable running the risk of operating under a possible digital armageddon?
Private connectivity provides you with a much stronger stack of security and availability at a similar level of cost. By defining your requirements before embarking on solution deployments, you have the opportunity to protect your business - and the entire Open Banking market reputation. Taking action now to put the right ecosystem in place will avoid potential outages, fines and other problems in the future.
When tech suppliers talk about their Open Banking solutions, it’s understandable that there’s an underlying feeling that they’re coming from a completely different perspective. But ultimately your challenges are the ones that we’re trying to help you solve. Tech vendors are keen to get a greater understanding from you, in order to help you to understand what best solution fits your requirements - and ultimately offer you more than just ‘fine’.