Composable Banking

Improving the market competitiveness and profitability for traditional banks by prioritizing customer's preference is the biggest issues experienced by FI's across the globe. Innovation is helping traditional banks to survive and develop in the emerging technology environment to compete with Neo Banks. Leading to innovation of new banking products and processes that can provide enhanced customer experience and improve banks' efficiency and profitability. Banking innovation and its implementation is a potential way for FI's to enhance their development capability and performance. Composable banking(CB) is leading with an API backed technology model to build customized products and processes with high speed and low IT cost. It is designed to delivered financial services based on the rapid and flexible assembly of independent, best for purpose systems. This chapter will explain the working model of CB, the request-response cycle of APIs, it's pros and cons, list of early adopters & third-party service providers, new insights, trends into management of traditional banks.