Using FIBO and BIAN to Enable Customer Centricity in a Digital Network Economy
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  Avinash Patil   Avinash Patil
Consulting Partner
Tata Consultancy Services


Tuesday, April 19, 2016
01:15 PM - 02:45 PM

Level:  Intermediate

In a network economy, consumers are already seeing a convergence of accessibility, of a range of services, through mobility solutions. The next logical evolution is for Service Providers to be able to collaborate amongst each other to provide a convergence of “servicing” so that banks and financial institutions can go beyond providing products & services, to truly understand and service a client’s needs, beyond their organizational boundaries.

FIBO, with its shared ontology and BIAN, with its semantic service domains, are ideal vehicles for organizations to collaborate and stitch together suitable products/services for their customers. In a re-imagined Customer Centric financial world, a unified view has to break through restrictions of enterprise boundaries. FIBO and BIAN, with their shared semantics, are the fundamental levers for interoperability of financial institutions in a financial services network, enabling them to collaborate on knowledge and services, while still focused on their core specialist skills.

  • Semantic interoperability, both at a shared knowledge and services, is key for re-imagining Customer Centricity in a digital network economy
  • FIBO, with its shared ontologies, and BIAN, with its shared semantic services, are ideal vehicles for interoperability between financial institutions
  • BIAN has built a momentum in banking but capital markets focus is still nascent
  • FIBO is capital markets focused but its ontology base can be leveraged for intersecting banking services
  • Another key element is higher transparency in products and services for the customers, regulators and stakeholders

Avinash Patil is Consulting Partner in Capital Markets Practice for Europe, covering Market trends and innovative practices in the Financial Services space, with particular focus on semantics and reference architectures. He has over 19 years of experience in the IT consulting industry and has worked with several global banking and financial services firms. Patil holds a Bachelor's degree in technology from the Indian Institute of Technology, Kharagpur, India. His areas of interest include semantic standards to innovate and resolve business challenges in the capital markets space.

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