Open banking

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Open Banking: A plug-and-play solution
API based banking is becoming the new playground of innovation

“This, to me, is the battleground when I'm talking about the digital revolution, the digital human, the digital bank: If you do not get cognitive, predictive, proactive, custom analytics that give the customers a far more informed view about their financial affairs, you will not be the partner for that customer in their financial future.” – Chris Skinner, author of Digital Bank and its sequel, ValueWeb 

Open banking has the power to provide access to the 1.7 billion unbanked individuals globally. With smartphone users growing to 6 billion, it has never been easy to reach such a large population for banks. 

“Open Banking” is a model allowing the sharing of banking data via APIs (application programming interfaces) between unaffiliated parties to provide enhanced banking services.  

The 3 drivers of Open Banking: 

  1. Favourable regulations 
  2. Access to customer data through API’s 
  3. Digital first approach 

Favourable regulations  

The 3 benefits of customer data through API’s 

  • Serve the unbanked 
  • Increase attach rates of products and services 
  • Build a marketplace vs a shop 

The 3 benefits of a digital first approach 

  • Reduced cost to serve 
  • Increased customer loyalty 
  • Become a data centric organization 

Topic:

The Future of Banking

How is the world transacting differently?

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