The interconnected business
Open banking—a platform-based business approach—could revolutionize how banks generate value. With increasing pressures from regulations and competitors, open banking offers leading banks the opportunity to expose data, algorithms and processes through application programming interfaces (APIs) and create new revenue streams, like today’s successful digital giants.
Banks are at risk if they fail to address open banking. They could miss out on platform-based business models and the strategies they enable. And they could fail to meet consumer demands for seamless digital experiences.
Open banking could make all the difference to banks’ digital transformation programs.