Banco BMG equipped to face the challenges of Open Banking
Banco BMG Case Study
Established in the 1930s, Banco Bmg provides accounts, loans, insurance, and investment products to individual, corporate, and wholesale clients, along with retail management support. It pioneered offering payroll-deductible loans.
Our client’s challenge
Banco BMG needed to align with Open Banking regulations. The primary objective was to ensure that its API infrastructure could effectively store all consented data for customer behavior analysis. The bank also aimed to establish secure communication channels with other banks, all while meeting compliance requirements.
Sensedia’s role
Sensedia’s API Management platform enabled effortless integration into the bank’s existing infrastructure, ensuring compliance with security regulations.
Experience gains
BMG successfully aligned with Open Banking requirements, demonstrating its commitment to the security of participants' communication channels, products, and services. The bank effectively safeguarded customer data and leveraged Open APIs to develop innovative payment and credit solutions.
Strategic gains
In June 2021, BMG reported an impressive growth of 28.2% over a 12-month period, accompanied by a remarkable surge of 240.5% in active account holders. The bank also demonstrated its commitment to innovation by opening its APIs to third parties, thereby establishing a robust foundation for Open Finance initiatives.
By utilizing the capabilities of AWS services, including Amazon EKS for managing containers, Amazon S3 for secure data storage, and Amazon RDS for efficient database management, our solution achieves exceptional performance and reliability.
Looking ahead, our commitment to innovation is closely aligned with AWS. We are dedicated to pushing the boundaries of what's achievable as we explore the capabilities of services like EKS, S3, and RDS. Sensedia's drive to innovate fuels technological advancement in our clients and helps sets new industry standards.
Our solution embodies the core principles of cloud-native architecture and operates seamlessly as a SaaS platform on AWS. Amazon EKS ensures smooth deployment, scalability, and container management, providing an unmatched user experience. The robustness of Amazon S3 guarantees data security and accessibility, while Amazon RDS optimizes database operations for maximum efficiency.
Through our partnership with AWS, we don't just lead in API management; we pioneer the full potential of EKS, S3, and RDS to deliver sustainable success and exponential growth to our clients.
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