Southeast Asia has emerged as a hub for startups, thriving with opportunities for innovation. Embracing open finance is a crucial way for banks and financial institutions to stay ahead of the curve and serve currently unmet customer needs, opening up avenues to serve the underbanked.
The Brankas Open Banking Suite is a custom, ready-to-use system compatible with any core banking system. Through it, banks and financial institutions can share some of their systems and products to third parties, who can test them on the Open Banking Suite platform. This opens up avenues for new ways existing products can be used, allowing banks to roll out new product offerings and collaborate with other players.
Brankas’ Open Banking Suite is a means of promoting collaboration within the financial industry, providing a streamlined way of testing products through its sandbox feature. The increased innovation it brings about is especially beneficial in Southeast Asia, which is seeing rapid technological advancements.
In 2022, Netbank, a Banking-as-a-Service (BaaS) platform, rolled out Netbank Virtual where anyone can test their financial products. Brankas built their Open Banking Suite, exposing some of their services to other players. Perahub, a remittance company from the Philippines, was also able to create an Open Banking Suite in partnership with Brankas. In the fourth quarter of 2021, they launched an API Developer portal to create innovative solutions with third parties.
Banks and financial institutions looking to implement an Open Banking Suite can work together with Brankas to build the platform from scratch. Clients can customize the Open Banking Suite in whatever way they choose. The entire system is secured by OAuth 2.0, industry-standard security that ensures the safety of all users. Once the product is launched, banks can promote it to their existing partners and forge new partnerships through promoting it on their website, reaching out to FinTechs to sign up for the platform, and more.
An Open Banking Suite provides a myriad of benefits for banks and financial institutions. It can provide added revenue streams through the new products launched, or through the use of APIs by third parties. It helps banks create new and innovative products, leading to a wider customer base. Overall, an Open Banking Suite opens up a bank’s offerings to new and exciting opportunities to better serve its customers.
Now more than ever, the switch to digital is crucial to any company’s success. With Brankas’ Open Banking Suite, banks and financial institutions can open up their services, paving the way towards an inclusive financial ecosystem and more product offerings.
Interested in partnering with us or trying out our products? Sign up to learn more.
Like most sectors, the finance industry is seeing increased demand for digitalization to improve the customer experience. A 2021 study found that banking customers now prefer personalized and digitally-driven services. They value text alerts, opportunities to transact more efficiently, and the ability to track multiple accounts using a single dashboard.
There’s no doubt that cryptocurrency’s relevance in the financial industry will remain significant over the coming years. Growth of cryptocurrency adoption among emerging economies accelerated at the beginning of the pandemic. According to research firm Oxford Business Group, the top-three developing countries that had the highest growth in cryptocurrency activity in 2020 were Nigeria, Vietnam, and the Philippines, driven by remittance payments.
Back
