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1787. A Multicriteria and Multi-Objective Framework for In-House and Outsourced Technological Developments by Open Banking
Invited abstract in session TD-37: Applications of Multiobjective Optimization, stream Multiobjective Optimization.
Tuesday, 14:30-16:00Room: 33 (building: 306)
Authors (first author is the speaker)
| 1. | Vinícius Dezem
|
| Knowledge Engineering and Management, Federal University of Santa Catarina | |
| 2. | Swati Sachan
|
| Management School, University of Liverpool | |
| 3. | Marcelo Macedo
|
| Federal University of Santa Catarina | |
| 4. | Andre Longaray
|
| Federal University of Rio Grande |
Abstract
Open Banking is an innovative data-sharing framework designed for data interoperability among diverse financial and non-financial organizations, operating within a country’s regulatory confines. Interoperability works through the deployment of application programming interfaces (APIs), which enable a two-way exchange of banking data with customers’ consent. This scenario is poised to reshape the decision-making process of financial institutions, necessitating the refinement of strategies to implement customer-centric business models and augment profitability through the exploration of novel revenue streams. Facing the complexity of the banking market it's paramount to structure the decision context considering the multiple stakeholders and variables involved. This research presents a case study on a retail bank where stakeholders encountered challenges in structuring action plans for digital transformation following the launch of Open Banking. It introduces a Hierarchical Multi-criteria Decision-Aid (H-MCDA) framework for engaging stakeholders at various levels and proposes a Multi-objective Optimization (MOO) approach to assess and compare the effectiveness of multiple strategic plans, which aligns with technological innovation, customer interests, and the bank’s long-term goals. Our findings present a comparison between two strategic action plan scenarios: the bank’s intrinsic in-house technological developments and the outsourcing of technical expertise.
Keywords
- Decision Analysis
- Multi-Objective Decision Making
- Finance and Banking
Status: accepted
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