Many long-established financial institutions are beginning to rethink the way they’ve been doing business in order to meet the changing needs of customers and deliver a better experience. One way firms are overcoming this challenge is by adopting an open banking approach. With the increasing number of fintech startups entering the market, traditional firms are maintaining their market share by embracing open banking techniques that allow them to partner with these startups.
Such was the case for Affin Hwang Asset Management, a Malaysian firm that embraced open banking as a means of increasing intimacy with customers, enabling new revenue streams, and bringing new digital services to market more quickly. With TIBCO behind it, the firm has transformed itself to better profile its customers, increase sales leads, and identify new customer segments.
Affin Hwang’s first order of business was to improve the ways in which it uses data. It created a team of data analysts to curate its previously siloed data and begin using data analysis with the goal of driving customer satisfaction. To do so, the firm implemented TIBCO Data Virtualization, which combines all of its data siloes into one single source and provides real-time access for analysts and other business users across the company.
The firm also took advantage of APIs to facilitate partnerships with third-party fintechs. By partnering with these startups, Affin Hwang was able to target new segments of customers and broaden its business ecosystem. The APIs allow the institutions to securely share data and manage the data as an API product with the TIBCO Cloud™ Mashery API management platform. This approach also helps Affin Hwang organize its data storage and usage processes in order to comply with the strict rules and regulations imposed on all financial institutions.
Affin Hwang has already seen an improvement in its sales leads thanks to its data analytics initiatives, and believes the TIBCO Connected Intelligence platform will continue to aid in the firm’s digital transformation. Read more about Affin Hwang’s transformation in Computer Weekly. To learn about more businesses that have found success by partnering with TIBCO, check out the TIBCO Customers page.