How tech is driving open finance & helping banks to reimagine banking

In this episode of Finastra TV, Swati Parthasarathy, COO for Universal Banking at Finastra, chats with Narendra Mistry, Chief Product Officer, about reimagining banking and open finance. They explore how technology is transforming the financial landscape, making finance more accessible and inclusive.

Narendra highlights the shift from traditional banking methods to digital solutions, enhancing customer experience and flexibility. They discuss the crucial role of APIs in open finance, noting that while APIs have been around for a while, their structured approach now provides a standard blueprint for seamless data sharing between financial institutions and third-party providers.

The conversation also covered the importance of data in driving business growth and efficiency. Narendra emphasizes the need for organizations to harness and normalize data to make informed decisions, leveraging technologies like Gen AI to streamline processes.

They address the challenges of core banking transformation projects, stressing the importance of aligning people, culture, and mindset with technological advancements. Clear communication, documentation, and decision-making are key to managing these projects successfully.

Looking ahead, Narendra envisions a future with componentized, composable solutions and microservice architecture, supported by advanced technologies like Gen AI, to make financial services more accessible and inclusive.