How to transition into the era of open banking

It cannot be stated enough that open banking is here, and it’s here to stay. Financial institutions must now embrace open banking if they are to remain relevant in the medium and long terms. To do this, they must start thinking consumer-centrically and realize the value that third-party service providers offer. At the same time, they must also carefully craft a plan for bringing new innovations to market. Ideally, this includes focusing on affluent, young and urban consumers initially (although this focus should grow to be more inclusive over time), creating a compelling vision that stands out in a highly-competitive and transparent environment and focusing on developing a few differentiated propositions and capabilities (as opposed to chasing the whole gamut of open banking opportunities.

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