BIAN advances Coreless Banking Initiative to improve customer retention using AI

Developed collaboratively with members such as Wells Fargo, Bangkok Bank, Bantrab, IBM, Salesforce, SID Global Solutions, Zafin, TCS, Envizion, Solace, and Temenos, this new iteration represents an expansion of its work to streamline banking operations and improve customer retention.

The latest update, Coreless Banking 4.0, builds upon the last version, which enabled banks to access consolidated views of customer accounts across different institutions. This new version further leverages AI and machine learning to help banks detect customers who might be considering moving their funds elsewhere. Banks can then make personalised offers to retain these customers, ultimately enhancing client loyalty.

This innovation comes as research reveals that 12% of global banking leaders report losing 30-40% of their customers to competitors, highlighting the critical need for strategies to improve customer engagement and satisfaction.

Coreless Banking 4.0 continues to showcase how standard service definitions can enable these capabilities without risking a bank’s intellectual property. These definitions act as modular components that banks can uniquely configure based on their specific requirements.

Bangkok Bank played a key role in the success of the concept. Officials from Bangkok Bank stated that this updated model, using advanced technology to analyse customer behavior, allows banks to deliver clear value to clients.

About BIAN

The Banking Industry Architecture Network (BIAN) is an independent, member owned, not-for-profit association, designed to build and promote a common architectural framework for banking interoperability issues. BIAN’s goal is to define operability and semantic definitions for IT services in the banking industry.

The community of over 80 members focuses on creating a standard semantic banking services landscape, while ensuring consistent service definitions, levels of detail and boundaries. This will help banks to achieve a reduction of integration costs and take advantage of a microservices architecture.