MARCH 20189cluding banking and wealth manage-ment. The idea of API-based Open Platform is to make this content and analytics available across digital channels and internal portals to link big data to deliver insights for effec-tive and efficient decision-making. 2. Collaborative EcosystemInnovation is possible with partic-ipation of a wide range of players within the ecosystem to create apps instead of just providing raw data. While data providers may continue to make available leading industry insights and content, open plat-forms that allow clients, third par-ties, fintechs and the ecosystem to build new transformative apps will provide clients with greater choices and significantly enhance their deci-sion-making abilities.3. TrustAs innovation thrives on open plat-forms, there is an underlying need for trusted data, scalable infrastruc-ture and far-reaching distribution and marketing channels. Apple's App Store imposes strict restrictions on developers, thus ensuring their complete trust. Similarly, the ability of open platforms to ensure compli-ance and provide credible data is a critical aspect.4. FlexibilityUsers expect everything to be avail-able on the go -- seamless updates, real-time information and ease of operations. The need to balance choice and control underscores the need for an open platform to han-dle activities such as administra-tion, compliance, authentication and other vital services. 5. StandardsStandards help create a level-playing field and foster and expedite inno-vation. Open APIs, Web standards (HTML5), and administrative pro-cedures and controls are a few ex-amples of standards that facilitate more efficient business development and transformation.6. Experience is KeyThe key ensuring greater use of open platforms is to offer a seamless ex-perience through common global data models, taxonomies and system procedures, thus empowering con-sumers and partners to innovate at a faster pace without relying on inter-mediaries or institutions.Merits of Open Platform· Fosters innovation and collaboration· Enables leveraging a growing pool of fintech talent for creating new propositions · Provides new disruptive opportu-nities with cost efficiency· Offers flexibility with new-technology architectures· Enhances customer experience and brand valueConsidering the challenges and opportunities in the financial services sector, it is inevitable that we will see innovative problem-solving apps across the industry. The question is who will go first to create the platform that allows exponential innovation? With a clear open platform strate-gy and focus on collaboration, finan-cial institutions will offer services to help them stay ahead of disrup-tion, and perhaps even become disrupters themselves. Considering the challenges and opportunities in the financial services sector, it is inevitable that we will see innovative problem-solving apps across the industry
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