PwC’s banking integration fabric

September 2023

Dhiren Tiwari

Principal, Cloud & Digital, PwC US


Aditya Shiv Katoch

Senior Manager, Cloud & Digital, PwC US


A new way to weave in an API-driven integration fabric, empowering banks so they can navigate their digital journeys with increased efficiency

Digital banking has become highly competitive. Customers with mobile devices increasingly demand modern, always-on functionality to meet their fast-paced lifestyle. Banks depend on their core providers to deliver their web and mobile banking solutions, but they haven’t kept pace with market expectations opening the door for fintech companies that are hyper-focused on the most lucrative aspects of the business. To keep up, banks must introduce new strategies to attract and retain customers while increasing efficiency and reducing operational costs.

Additionally, financial institutions face unprecedented challenges after COVID 19, including Fed Rates hikes, competitive markets and other digital landscape disruptions. All of these challenges have prompted banks to reshape their upcoming transformation to be more customer focused while getting more value from cloud and other technology investments.

According to PwC's Digital Banking Survey, customers' digital interactions with banks have increased tremendously in recent years, which prompts banks to invest more in modern banking architecture so that business and technology channels can be brought together to build a seamless digital experience.

Banks strive to improve their digital offerings by increasingly employing strategic solutions such as conversational AI, fintech partnerships and direct banking. This helps banks deliver specialized and broader support to their customers and employees. For example, offering a banking feature such as AI enabled chatbot to promote their products. As banks invest more time and resources to improve their front and back-end processes, their customers demand for digital features capable of interacting with contemporary CRMs and cloud-hosted hyperscalers and integrating with modern banking cores and fintech solutions.

Focus area for banks in 2023

…banks are investing to enable their solution with new fintech capabilities through real-time integrations

To drive digital agility and personalized experiences, banks are investing to enable their solution with new fintech capabilities through real-time integrations. To deliver these solutions, banks must upskill their technology teams not only to build these integrations but while remaining vigilant on security. When designed properly, integrations should be architected to avoid point-to-point connections to limit maintenance and increase reusability for faster time to market.

Let’s talk about how PwC can help

… a common domain model that together addresses challenges experienced by our banking clients

PwC has created a banking integration fabric, as a key component of our implementation services, that is built on industry-leading integration products and based on BIAN (Banking Integration Architecture Network) to create a common domain model that together addresses challenges experienced by our banking clients. The solution follows an API-led architecture that extracts the provided data into a common data model, connects to systems through reusable components, and orchestrates both simple and complex logic into separate layers. By layering the solution we create a pluggable architecture that maximizes reuse while remaining customizable to include client specific functionality and support security requirements. Solutions for retail account opening, retail servicing, and customer 360 are live in production using this architecture with additional use cases under consideration for core modernization, core augmentation for situations where introducing a specialty core into the environment will unlock value, and smart servicing that requires real-time event data to predict and solve problems before anyone is aware.

As customer preferences shift, improving customer experiences through digital channels is imperative for banks to remain agile and competitive.  PwC’s banking integration fabric is a key capability of our implementation services and was engineered by collaboration and innovation in partnership with banking clients that we continue to enhance. By harnessing capabilities of latest technologies such as cloud hyperscalers, iPaaS products, data streaming, and more, PwC is enabling clients to digitize their banking experience with a customer-centric approach. Banks can leverage PwC’s banking integration fabric services to help accelerate their journey to deliver a truly digital banking experience using production quality accelerators that can be leveraged to provide niche features to transform the way their banking services are delivered and experienced.

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