Open Banking - The Game Changer
Why regulators and technology are working hand in hand to be the strongest game changers for retail banking Open Banking is transforming the way banks operate, how they engage with customers and the products and services they provide. It has become a global phenomenon...
Why regulators and technology are working hand in hand to be the strongest game changers for retail banking
Open Banking is transforming the way banks operate, how they engage with customers and the products and services they provide. It has become a global phenomenon supported by regulations such as PSD2 and the UK’s Open Banking initiative but driven by consumer expectations, business needs and rapid technological development.
Being with Fidor’s BtB offer at the forefront of the Banking-as-a-Service market development, Matthias identifies the challenges banks face and discusses the key components and characteristics of a successful future banking platform.
With less direct customer interaction, new business models and partnerships with non-banking players will play a crucial role in a bank’s efforts to integrate with their customers’ lifestyles, interests and needs.
Key Takeaways:
- How technological drivers are the key to successful participation in the new API economy
- How the Internet of Things is changing the landscape
- Why a paradigm shift is taking place as banks face the need to decouple their customer channels so account holders can do transactions through any interface they choose.
- How open banking is affecting a bank´s return on equity
- Why corporate culture and the war of talents plays an increasingly strong role in that environment