Financial institutions are facing significant changes of the environment in which they operate. For example, the financial crisis, changing customer behavior, increased risk awareness, focus on cost reduction, and the entrance of new financial players in the market-place have structurally changed the financial industry.
Not only the operations, but also the supporting IT required a challenging transformational change. Given the close inter-dependency of operations and IT in financial institutions, a carefully planned and guided integrated approach to change is required. Enterprise architecture is key to enabling such change initiatives.
This White Paper aims at supporting Enterprise Architects within the banking industry, reaping the synergies of two complementary industry frameworks:
• TOGAF, an Open Group Standard,1 is a proven enterprise architecture methodology and framework used by the world’s leading organizations to improve business efficiency.
• BIAN, the Banking Industry Architecture Network,2 delivers an overall framework and set of IT Service definitions specific to the banking industry.
There are clear synergies in using BIAN in combination with TOGAF. In the White Paper, the concepts and core elements of both frameworks are described in order to reach a common understanding.
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The Open Group is a supplier-neutral and technology-neutral consortium spanning all sectors of the IT community - IT customers, systems and solutions suppliers, tool vendors, integrators and consultants, as well as academia and researchers.