{"id":13118,"date":"2019-06-26T06:55:04","date_gmt":"2019-06-26T06:55:04","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13118"},"modified":"2019-06-26T06:55:04","modified_gmt":"2019-06-26T06:55:04","slug":"how-to-transition-into-the-era-of-open-banking","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/how-to-transition-into-the-era-of-open-banking\/","title":{"rendered":"How to transition into the era of open banking"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">It cannot be stated enough that open banking is here, and it\u2019s 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.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-13118 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Solving the IT conundrum for financial institutions'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/solving-the-it-conundrum-for-financial-institutions\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/04\/business-job-interview-concept_1421-77-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12685\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12685'>\n\t\t\t\tSolving the IT conundrum for financial institutions\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='How FinTechs are helping refugees and immigrants'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/how-fintechs-are-helping-refugees-and-immigrants\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/09\/how-fintechs-are-helping-refugees-and-immigrants-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11019\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11019'>\n\t\t\t\tHow FinTechs are helping refugees and immigrants\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Blockchain-Based Revenue to Grow 50-Fold by 2030'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/blockchain-based-revenue-to-grow-50-fold-by-2030\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/06\/11dc8216-d8bf-dbca-5261-0010f27eb5e61-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16132\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16132'>\n\t\t\t\tBlockchain-Based Revenue to Grow 50-Fold by 2030\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>It cannot be stated enough that open banking is here, and it\u2019s 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, &hellip;<\/p>\n","protected":false},"author":5,"featured_media":13134,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[49,287],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13118"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=13118"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13118\/revisions"}],"predecessor-version":[{"id":13119,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13118\/revisions\/13119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/13134"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=13118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=13118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=13118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}