All organizations should review open banking options

While much of the discussion about Open Banking and open APIs is in the U.K., the impact of building a marketplace platform in financial services should be part of every bank and credit union strategic planning process globally. This transformation will impact the back-office, front-office and most of all, the consumer. Here are some options to consider.

The combination of open platform banking and open APIs will change the entire banking ecosystem as we know it, from the products and services offered, to the delivery channels used and underlying partnerships that will shape innovation and customer experiences in the future.

This new era will redefine expectations, impacting the way that consumer insight is leveraged, and the powerful lifestyle outcomes that result.As other industries are already showing, a platform economy is already upon us.

The platform models of the future will transform fintech to ‘techfin’, with the digitalization of the industry being at the center of this transformation. Now is the time when all key areas of traditional financial institutions need to know what the open platform options are, and the best way to plan for a marketplace banking future.

How Open Banking Helped Build a Start-Up Bank

In the report, A New Era: Open Platform Banking, Accenture states, “Platform businesses connect producers and users in efficient exchanges of value. These exchanges facilitate interactions on both the demand and supply sides, which have amplifying “network effects.”

 

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