This is part of series of short blogs for setting up Fintech Bank within a Bank.
Platforms to be Established
– API Based Core Banking Platform: Current platforms may not support these features and hence, there may be a need to setup new platform.
– API Based Risk Engine: For credit decisioning, we would have to establish a comprehensive risk engine. This should have machine learning to support improvement over period of time.
– API Banking Layer: This would be required to handle Open API needs within the bank and outside the bank.
– Completely new Omnichannel platform with channels like Mobility, Internet Banking, Chatbots
– Integration Framework with Existing Bank: This is to ensure that all transactions within the bank will get handled smoothly (i.e. fund transfer from fintech bank account to existing bank account). Integration with Current Core Banking Platform, AML Engine, Fraud Management System, Document Management etc.
This wave will start in India very soon…