Chapter 10 transforming LegaCy Banking appLiCations to Banking experienCe pLatforms CRM data) for providing relevant recommendations and advice customers in decision making. As part of continuous improvement, the next-generation banking platform should provide automated processes and leverage digital technologies such as IoT, Blockchain, cloud, and robotic process automation (RPA) to continuously improve the user experience, analytics, and business processes. Some examples of innovations using digital technologies are: • Complete digitization and automation of account opening and customer onboarding process • Fully paperless forms with e-signature • AI-powered chatbots, financial advisors, finance planners, and virtual assistants for customer service • Biometric authentication from a mobile app • Virtual branch through real-time collaboration • Branchless digital banking through a mobile app • Enabling online person-to-person (P2P) payments, digital payments, contactless payment, and e-wallet through a mobile interface • Enable new integrations: The next-generation banking platform should be flexible, to enable new integrations to enable future growth and innovations. The integration model of the platform should be built around a lightweight microservices services model. The lightweight services model plays a crucial role in creating an open banking ecosystem and integrating with other platforms and services. • Open platform: The banking platform should expose the services for third-party applications and services to consume the necessary services. The open platform can be leveraged by bank partners such as payment partners, financial partners (who handle cards, insurance, mutual funds, trading, mortgages, etc.), financial technology (fintechs), merchants, digital partners, lending partners, technology partners, telecommunications companies, etc. The banking platform should provide a marketplace for 264