What is Open Banking and why are we talking about it?

What is Open Banking? Why are we talking about it?

How Alex Gets you Open Banking Ready?

  • Alex data lineage and impact analysis features can operate at any existing scale and across any number of systems — no system is too big or disparate to catalog, connect and visualize. No matter where or how your customer data is stored, Alex has connectors which locate and automatically profile all the relevant information across both structured and unstructured data systems.
  • Scans can be run at the click of a button and eliminate the manual difficulties facing financial institutions who operate at unprecedented scale. But this isn’t just a static view; they actually capture and represent all the different transformations, movements and aggregation data experiences within your organization. This means data flow and dependencies between different systems and applications can be immediately visualised after implementation.
  • Unique identifiers can be assigned to Critical Data Elements that make them searchable across systems. Wherever CDEs appear, they are instantly identifiable to users of any technical ability. An easy-access swimlane of CDEs is automatically aggregated in the Alex Augmented Business Glossary so that the business importance of key data assets is always known.
  • Alex provides insights into security and risk with automated reporting and analytics, including compliance dashboards and data usage reporting. There are tools for governing data usage by query counts, user identity, business unit, and risk classification by exposure and impact ratings.
  • Compliance is standardised and enforced through workflows, where tasks can be automated through event triggers.
  • Notifications and subscriptions alert roles and users to changes or actions, meaning nothing critical will slip past your people.
  • Data Quality profiling is also automated and trackable in this precise manner. Scans are deeply configurable, allowing open banking-specific configurations that capture everything necessary to standardise open banking compliance.

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