Open Banking is not just a passing phase - it is set to permeate all areas of finance. It has come about through a combination of technology advancements, which have created new ways of transacting, storing and sharing data, as well as new regulatory measures to increase competition and empower the consumer by utilising their own data, triggered in no small part by the global financial crisis.
So far, Open Banking services have focused on the consumer retail market, with corporate solutions lagging behind somewhat due to the added complexity large multinationals bring, as well as accessibility issues smaller businesses have in tapping into the system.
Join Finextra, along with Trade Ledger and industry experts for our webinar on 09 May 2019 at 15:00 UK time as we discuss this, and how banks must think in terms of ‘networked value creation’.
Build ecosystem platforms, which meaning moving away from relationship banking. Considering this has been the model of banking for 300 years, it is not going to be easy.
Design interoperable services, which can be distributed through other value ecosystems. Draw a line under vertical integration and ‘whole-of-banking’ relationships.