Technology attributes
Platform banking is a technology that acts as a digital marketplace, and is operated by a bank or entity for the purpose of providing banking and sometimes non-banking services.
Platform banking is a business model for banks, or entities with banking services, that allows them to offer and provide loans, become matchmakers for customers and insurance providers, allows customers to buy airline, bus, and movie tickets, and other daily purchases.
Platform banking is not only for retail financial services, it is also applicable in an institutional use as well. Foreign exchange traders, corporate customers, and buy-side firms can all operate on a banking platform. The digital platform requires infrastructure in the form of application programming interfaces (APIs), unstructured data, machine learning techniques, and cloud computing and memory structuring.
Deutsche Bank has implemented the use of an online banking platform in order to adjust their business model so that is designed to meet competition from firms such as Facebook and Amazon. The bank's API allows their customers to share data with other third-party applications, and also maintain control over what data is shared with other entities, and when it, or if, it is shared. Deutsche Bank's banking platform utilizes APIs, cloud computing, follows the European Banking Authority's standards for data access and data restriction.
