As we start 2016 it is clear that the BIAN Framework is quickly becoming the Leader in Banking Frameworks.
BIAN stands for Banking Industry Architecture Network. The Network was formed in April of 2008 as an independent, member-owned, not-for-profit organization, which in collaboration with industry participants, aims to define and set the de facto IT standards for banking interoperability services.
Change has become the new normal across industries. The healthcare industry is dealing with changing market dynamics and is only now realizing the full impact of the Affordable Care Act. The financial services sector is facing growing regulatory challenges on one side and the opportunities offered by the recovering global economy on the other side.
The 2008 financial crisis affected each of us in some manner. In particular, financial institutions and banks felt most of the heat. There were several repercussions of this crisis in the form of increased regulations and various legislation in an effort to curtail such an occurrence in the future.
Faced with aging systems, banks are reaching decision points in terms of buying a packaged solution or building/extending their existing core banking solutions. Often banks find that packaged solutions will not meet the needs of the bank and opt for a transformation approach based on their existing solutions.