Five steps to evaluate your readiness for open banking
Open banking holds the potential for financial institutions to create new business models and open new doors for consumer engagement, but the concept also requires careful planning and self-evaluation.
Andrew Steadman, vice president of product management for Fiserv who works with financial institutions in the U.K., offered these steps to help financial institutions gauge how prepared they are for open banking.
1. Present a Unified Front
Don’t take a fragmented approach to preparing for open banking. The goal is to solve for open banking requirements once across all systems rather than repeating the process for each line of accounts and services.
2. Review Your Technology
In the same ways that legacy platforms need to be upgraded, the technology itself often does not lend itself to rapid change in the open banking environment. Is your technology still relevant? Are you using automation in the most effective ways?
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