Open banking is reshaping financial services as regulators and governments seek to increase competition and choice. Customers also expect more convenience and flexible access to services, driven by broader digital experience and emerging technology.

Banking is rapidly evolving, driven by changing customer expectations and behaviors, regulatory scrutiny and emerging technologies that enable a broader variety of products and services. Within this dynamic environment, financial institutions also need to stay compliant, manage costs and maintain security and trust. Governments are also getting involved, as they look for ways to increase innovation and competition across the banking industry.

Open Banking—driven by regulatory, technology and competitive dynamics—calls for banks to use APIs to make certain customer data available to non-bank third parties. The innovation is both evolving the industry toward hyper-relevant, platform-based distribution and giving banks a rich opportunity to expand their ecosystems and extend their reach.

Traditional, vertically integrated banks will need to become what they’ve never been before: savvy bilateral traders. Those that treat Open Banking as a strategic growth priority will position themselves to deliver the seamless and engaging digital experiences customers want—and potentially boost revenues by upwards of 10 percent.
Our collection of experience-driven insights can help banks navigate their way to a thriving, open, digital future.