Salesforce Open Banking Apps at Barclays Rise Hackathon

Inviting all admins & developers to create a new generation of innovative Open Banking apps on the Salesforce App Cloud.

Salesforce are a technology partner for the Barclays Rise Hackathon - Episode II: The Bank Awakens event and we will be there in force to help everyone build consumer, commercial and autonomous banking apps.

Open Banking is on the Rise

Whist customers may change their credit cards every few years, bank accounts typically lasted decades. In October 2015 a survey by the UK’s Competition and Markets Authority revealed that over half of banking customers in Britain had been with the same current account provider for ten years. This is now set to change dramatically.

Unlike puppies, Bank customers are no longer for life!!

Driven by the rise of comparison & switch sites, eg, uSwitch, in Europe customers are already used to switching their Gas & Electricity suppliers or Car Insurance to get the best deals. This drive is now coming to the banking world, thanks to Europe wide regulations to make banking and financial data more accessible.

Initiatives like the Open Banking project and regulations like PSD2 will require banks to be more open or risk losing customers to those banks that innovate. Traditional digital platforms such as the retail service Alibaba and message service WeChat already process more payments than PayPal and other dedicated payment services combined. So without innovation, traditional banking may become irrelevant very quickly.

In June 2016, Bank of England governor Mark Carney, said: “Fintech will change the nature of money, shake the foundations of central banking and deliver nothing less than a democratic revolution for all who use financial services.”

Companies such as Mondo have gone as far as creating their own modern Bank and has attracted a huge amount of attention and new customers.

Building Open Banking Apps on Salesforce

The depth and breadth of features of the Salesforce platform should enable everyone to building the new wave of banking apps rapidly. Let’s discuss some brief examples based on the categories of apps for the Barclays Rise hack.

World I: The Consumer Cosmos

Managing bank account & customer information and its associated workflows would be easy to do with Salesforce Data Modeling and Process Automation. Salesforce could become the aggregating platform for information across multiple bank accounts; credit card and mobile payment services. Integration can be created without code using Salesforce Connect services or via custom services and Heroku Connect.

Customers would have a single view of all their finances via Reports & Dashboards to make informed choices. Using Wave Analytics services, payment decisions can be made in real time from information across any number of payment channels.

Using the Salesforce Lightning Experience would also provide a multi-device, responsive app that will engage the customer and give them the tools they need to effectively manage their finances. The Salesforce Lightning Design System gives a quality UX for your custom apps too.

World II: Rebellion of the Corporate Treasurer

Salesforce can be used as a platform to manage multiple currencies and across multiple geographies, supporting complex payment management workflows with process automation. This would enabling treasurers to make sure their money is in the right place at the right time and in the right currency.

With data security such as Audit Trails, Event Monitoring and Reports built into the platform, much of the features needed for these services would be at hand. Salesforce Platform Encryption ensures that this sensitive financial information is managed securely and within compliance.

And of course there are single sign-on and 2 Factor authentication services to ensure the correct people have easy to use and secure access.

World III: The Payments Parallax

Using Heroku you can deploy and scale your own “intelligent bots” to allow customers to get an initial mortgage assessment as they were walking around the property they were viewing.

Entering the postcode (zipcode) and a few simple facts about the property could give you a range of mortgage offers, home insurance quotes and information on local council tax rates.

By pulling in data from smart meters, customers could assess how much they would pay on gas, electricity and water for the property. All this would help the customer know how affordable their house is and what would be the true cost of buying a home, all from a few simple questions.

Many Financial Technology (FinTech) solutions require the transfer of sensitive information, so you could build custom solutions using the BlockChain. By using Heroku elements such as a Blockchain Wallet, Blockchain user management or a complete Blockchain protocol implementation would speed up development of such a service.

Deliver a service to where your customers spend their time, using either the free Salesforce1 Mobile client or creating your own hybrid or native apps with Salesforce. Or integrate with virtual assistants such as Siri, Google Now & Cortana to enhance the customer experience whilst still providing traditional services customers expect from financial transactions.

These are just a few simple ideas of how you could get started building something amazing and make a real changing to the way we use banking. I look forward to seeing what you create.

Join in the new generation of banking

Registration for Rise Hackathon - Episode II: The Bank Awakens is now open, until September 11th. The Hackathon itself takes place on 24th & 25th September. So join us and shape the future of customer interaction with banking services

See you there and may the force of the Salesforce App Cloud be with you.

Thank you.