Dilip Krishnan

Getting the technology right does not guarantee demand. Recent research by Accenture found that 69% of respondents said they would not share financial data with businesses that were not banks.

With many banks across the globe establishing the basics of their Open Banking API platforms, there is a strong incentive towards differentiation in the emerging Open Banking landscape, different types of banks are likely to reap different benefits and experience different drawbacks from engaging in the open banking play.

Banks have stopped looking at open banking as a mere compliance. Working and collaborating with TPPs and other partners will not just enhance customer experience but will also result in the creation of an additional revenue stream. However, the business challenge lies in moving to an environment in which services are organised around customers’ needs, replacing an environment organised around banking processes. This discussion will talk about how banks and financial institutions can rework their digital strategies to setup a robust open banking initiative at their banks.