IT services provider NTT DATA has introduced a new digital banking platform called Platea Banking to help financial institutions compete with burgeoning fintech sector.

The new open banking platform is designed to help conventional lenders with transformation challenges by expediting the roll-out of new business models and differentiated services.

Built with cloud-native banking architecture, Platea Banking comes with a set of functional modules to help banks develop their own digital platforms.

The pre-configured functional modules include a full suite of services such as customer on-boarding, lending, planning and financial management, card issuing and processing, and payments, among others.

According to the Platea Banking website, these modules can be adapted, extended or tailored according to requirement.

NTT DATA Open Banking Practice global head Manuel Romero said: “Technology plays a central role in helping banks innovate and deliver next-generation banking services to their customers.

“With consumers demanding digital banking experiences, it is imperative that banks act accordingly to respond their needs.

“Platea Banking has been built to empower banks, providing them with a path to incorporate cloud-native technology to expand their business, as well as the ability to overcome obstacles such as scalability issues, legacy IT and compliance.”

Partially-owned subsidiary of Nippon Telegraph and Telephone (NTT), NTT DATA offers consulting and IT services for the financial services industry.

The company is headquartered in Tokyo, Japan.