Retail Banking Architecture Transformation with a Solace-enabled Event Mesh

Not only do customers today expect more from banks than ever, but you face competition from hot new fintech firms, online banks, and tech giants like Amazon, Google and PayPal.

To overcome these challenges you need to incorporate into your infrastructure tools like AI, blockchain and predictive analytics that will help you offer innovative services and exemplary customer service.

While doing so opens opportunities for differentiation and profit, it also raises many important questions, such as:

How can you leverage the institutional knowledge that differentiates your business when it’s locked in siloed systems?

How will you successfully incorporate digital banking and Open Banking into your operation?

How will you keep up with constantly shifting regulatory requirements?

How will you assess risk and detect fraud when credit approvals and lending decisions are being made in real-time?

How can you keep information secure while making it accessible via the internet, and to the many systems that need it?

BIG 4 AUSTRALIAN BANK

Retail bank overhauls digital payments system for 80% faster processing speeds and 3X volume support.

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The solution: Link your back-end systems, web services and customer-facing channels with an event mesh.

The key to meeting the needs of digital banking is establishing a continuous flow of information that spans your entire business and reaches to and from your customers.

An event mesh does exactly that, enabling real-time, event-driven communications between systems and services across environments and geographies.

Enabling Modern Digital Retail Banking with Event-Driven Architecture

Learn how retail banks can benefit from EDA - event-driven architecture - and what you need to know about selecting a platform to support your EDA adoption.

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Technical Benefits

Leverage best of breed tech: Build applications that leverage the best commercially available solution to each problem, whether that’s on-premises software or a cloud-native service
Get ready for open banking: Boost your open banking readiness by putting in place a protocol-agnostic and API-friendly data distribution infrastructure
Unlock legacy assets: Liberate data locked in legacy core banking systems running on the mainframe by letting them share data with modern applications and microservices
Simplify governance: Manage all of your data movement with a single pane of glass so you can more easily ensure that know-your-customer data (for example) only gets to systems authorized to deal with personally identifiable information

Business Benefits

Predict customer behavior: Run predictive analytics on customer behavior so you can offer relevant offers and products in real-time, or even proactively!
Optimize institutional knowledge: Unlock the institutional knowledge that makes your business special and put it to new use by making it more readily available for access and analysis
Streamline partnerships: Securely offer your products and value propositions through other businesses without causing your IT headaches
Accelerate decision-making: Analyze the risk of transactions in real-time, and automate frequent decisions like approving or declining line-of-credit requests, payment plans on purchases, etc.

We were looking for a system that offered guaranteed messaging, a dashboard to configure resources, and the means to secure data both at rest and in transit. We needed a way to migrate from one environment to another, support for hybrid cloud and Kubernetes, and someone with experience in the finance industry… all this was not possible with any vendor other than Solace.”