Digital Disruption ReportRetail Banking Technology Report

Open Banking - Thematic Research

Those banks and market participants that embrace open banking will reap significant rewards in terms of top-line growth.

Consumers will benefit from easier product comparisons, safer account aggregation, and enhanced personal financial management (PFM) services. Banks that embrace the concept will be able to become one-stop shops for the best products on the market, crowdsource the development of new services, and generate revenue by selling access to their data and capabilities.

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  • What you need to know...
  • Financial services regulators around the world are increasingly concerned with promoting competition and innovation in banking, reducing barriers to entry and empowering consumers.
  • Open banking will lead to beneficial outcomes for financial services provision.
  • The single biggest factor that will determine the long-term success or failure of open banking is consumer adoption.

Open banking brings customer ownership to the fore

The ultimate goal of open banking is to encourage innovation by making it easier for specialist providers to compete with banks on a more equal footing, and hence to improve outcomes for consumers by making more choices and options available to them.

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