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