What is open banking

‘Open banking’ refers to a standardised and secure framework for sharing bank customer data with trusted financial service providers (‘providers’), such as technology companies (see diagram B1). It will enable providers to offer a wide range of new financial services. For example, retail payment mechanisms could be developed to allow restaurant bills to be split and paid automatically using mobile phone applications. Or applications could offer timely and personalised budget advice, for example when a customer enters a shop.

What is CRM and ERP

What is CRM?
Customer relationship management (CRM) is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.

What Is ERP?

Enterprise resource planning (ERP) refers to a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations. A complete ERP suite also includes enterprise performance management, software that helps plan, budget, predict, and report on an organization’s financial results.

ERP systems tie together a multitude of business processes and enable the flow of data between them. By collecting an organization’s shared transactional data from multiple sources, ERP systems eliminate data duplication and provide data integrity with a single source of truth.

Today, ERP systems are critical for managing thousands of businesses of all sizes and in all industries. To these companies, ERP is as indispensable as the electricity that keeps the lights on.