Gear up for open banking
Prepare for the impact open banking will have on member relationships and competitive positioning.
Open banking is coming to the U.S. Although this claim is now approaching conventional wisdom, the consensus extends no further.
Diverging views abound on how soon it will arrive, its effect on traditional financial institutions, and, in some cases, even what “open banking” means.
But one thing is certain: Credit unions must prepare for open banking’s impact on member relationships and competitive positioning.
Broadly defined, open banking is the ability for outside parties to access banking information to deliver services to shared customers.
continue reading »
