Open banking has not yet completely transformed the banking industry, but it is making steady progress. The latest figures released by the UK’s Open Banking Implementation Entity in March 2019 showed that the country had 118 regulated providers offering Open Banking services. At GFT we expect that, as the monetary benefits of open banking become clearer, the global move towards open banking will accelerate rapidly.
To help financial institutions fully understand the enormous potential of open banking, we have published a new paper entitled “Operational Open Banking”. This document revisits the fundamental drivers of open banking, analyses successful API deployments at organisations within and beyond the financial services sector, and suggests ways for banks to take advantage of this unique commercial opportunity.
Open banking empowers banks to do new things but also do things differently. We believe the banks that will derive real value from open banking will be those that think ‘outside the branch’ and become more entrepreneurial and responsive.
The real opportunity lies not just in renovating the existing bank and adopting characteristics of emerging challengers, but in fundamentally transforming the banking business model. Successful future ‘banks’ will look different and offer very different services than those of financial services firms today; the winners in the great open banking race will be those that can pivot from their current position and fully embrace a customer-centric approach, with all the associated benefits available through deployment of new technologies and integration of customer data.
Don’t miss this latest paper! Download it now and let us know your thoughts.