Open banking is here to stay and fast becoming a reality for financial services organisations that want to stay competitive in terms of innovation and customer offerings. But what are the practical aspects that organisations need to consider as they prepare to seize the opportunities presented to them in the open banking environment?
GFT has therefore created a new piece of thought leadership entitled 'Open Banking - are you ready?' in order to offer advice to any organisation looking to move into this new area. First, the paper looks at the importance of gaining the appropriate level of knowledge and insight and seeking an understanding of the wider context of what open banking really means. It may sound obvious, but do your research, scan the market, get a good sense of the current situation, and look for examples of best practice, best experience and a capable senior sponsor. If firms do all of these things professionally, they will already be headed in the right direction.
This is uncharted territory for banks and because it is so new, firms need to embrace and foster more of an entrepreneurial spirit as they seek to exploit the full value of the open banking revolution. We can already determine three key building blocks for financial services as firms begin to construct their open banking strategies. In order of importance, we believe the key factors are: culture, technology and monetisation.