GRCO adopts BIAN Standard for Open Banking

GRCO adopts the BIAN Service Landscape to facilitate business analysis and specifically to support our clients’ Open Banking initiatives.

When it comes to new developments in the financial services space, “Open Banking” is one of the most interesting topics from both a customer and the institutional perspective. Open Banking essentially means opening up a bank’s architecture to third parties developing applications and services around it. Technically, this involves the implementation of open application programming interfaces (APIs). In Europe, the Payment Services Directive (PSD II) is one of the driving forces behind the move towards an Open Banking infrastructure, as it requires banks to open up their architecture to third-party payment services providers.

But the potential of Open Banking is much larger. From the provision of personal finance management solutions, to less cumbersome and faster credit approval processes to streamlined back-end payments processes, there are numerous ways to extend the API-based approach to generate value for financial insitutions, customers and bespoke service providers.

But from a business perspective, this means that both the financial institution and the service providers need to have a common understanding of banking functions and or services. And the development of such common understanding of banks’ internal landscapes has historically been complicated by those institutions’ reliance on proprietary development and proprietary standards.

Enter BIAN, the Banking Industry Architecture Network, which is an independent, non-profit organization created to define standards for service-oriented architecture in the banking industry. As part of their work, BIAN have published a standardised Service Landscape, which defines a generic institution’s service domains.

(click on image to access detailed view via BIAN.org)

From a consultant’s perspective, this Service Landscape – which is also available in a more detailed UML repository – can be used for business process and functional modelling, but also to support the design of API needed to enable Open Banking initiatives. In fact, API development has been one of the driving forces behind BIAN’s latest initiatives, which also include the release of an API Exchange containing RESTful API specifications for a large number of their Service Domains.

In this context, GRCO has now formally adopted the BIAN Service Landscape and standards as a tool supporting our work. Using the Service Landscape specifically enables us to work to a higher level of consistency and completeness, while eliminating the need for reinventing the wheel. The BIAN Service Landscape is therefore both a starting point and a point of reference in our business analysis process.

For further questions on our experience with BIAN’s Service Landscape and how it can be used to drive value creation in your organisation, please do not hesitate to contact Hans Radtke.

GRCO partners with Lumiukko

The larger consulting projects get, the more difficult it is to maintain full control over their status and to provide timely and accurate status reports. This is where Project Management Officers (PMOs) come in to support the project and programme managers responsible for running the initiatives.

In order to ensure a high standard of operational control for our projects, GRCO has entered into a strategic partnership with Lumiukko, a company providing PMO resources and project assistants to help monitor and manage large-scale initiatives and provide full transparency for our clients. Lumiukko offers its own framework for milestone planning and controlling assumptions, risks, issues and decision requirements along the life cycle of projects.

As part of this strategic partnership, Hans Radtke, Managing Director of GRCO, has taken a stake in Lumiukko and will therefore ensure the quality and practical usefulness of their product offering.

GRCO partners with IMFU Institute

Management Consultants are not born as such – they are forged by a combination of training and project-based experience. GRCO therefore firmly believes in training our consultants in tried & tested consulting techniques, covering project management (both agile and waterfall), workshop facilitation, data analysis and analytical toolkits, such as BPMN for process and UML for requirements analysis.

In order to ensure a high standard of training for our people, GRCO has entered into a strategic partnership with IMFU Privates Institut für angewandte Methoden der Führung und Unternehmensberatung (or IMFU Institut, for short), which offers bootcamps for business analysts and consultants as well as leadership training for more experienced consulting managers.

As part of this strategic partnership, Hans Radtke, Managing Director of GRCO, has joined the executive board of IMFU Institut and will therefore ensure the quality and practical usefulness of their training programme.