BFC Bulletins Monthly News Digest
Tags Data Digital Transformation Open Banking
Beyond Banking is a business model in which consumers receive a package of services through an ecosystem of various providers. It works by taking advantage of open APIs to quickly and easily send data between the information systems of various services using standard data exchange protocols. It has arisen as a way to create a competitive advantage in the changing world of financial services. Specifically, it helps financial institutions create an ecosystem (in partnership with non-bank technology companies) that significantly reduces the development process and accelerates the release of new solutions to the market, meaning that consumers get accelerated access to faster, better and more convenient products and services. As Beyond Banking is still a relatively new concept, it remains to be seen what common approaches to it will develop and if (and where) it will take off.
