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Opportunities created by open banking have led banks to embrace the open paradigm as part of their organizational cultures.

Banks and financial services firms benefit from both direct and indirect revenue opportunities with an open intelligence platform. It provides non-discriminatory financial services, analytics and insights as-a-service, AI technology platform-as-a-service, automation of business and IT operations, and trained models for other banking firms, challenger banks, and fintech firms. While there are obvious benefits in embracing AI, financial institutions face multiple challenges in industrializing AI-powered solutions:

Traditional historical data from data warehouses, data marts, or core transactional systems may not keep pace with the changes in customers’ financial behavior, usage of banking channels, and decisions on products or services.Customer financial data is augmented with information from cross-industry business data, usage, and access information and just-in-state temporal data to identify hidden patterns, derived features, and new classifications. This augmented data can improve decision outcomes of services offered to consumers and partners through as-a-service and as-a-platform models.