{"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='Payments via instant messengers to be allowed in the U.K.'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/payments-via-instant-messengers-to-be-allowed-in-the-u-k\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/paying-throught-mobile-phone_1212-438-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8554\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/paying-throught-mobile-phone_1212-438-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/paying-throught-mobile-phone_1212-438-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/paying-throught-mobile-phone_1212-438.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8554'>\n\t\t\t\tPayments via instant messengers to be allowed in the U.K.\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Will P2P lending take over the lending market?'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/will-p2p-lending-take-over-the-lending-market\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/08\/p2p-vs-banks-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10550\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10550'>\n\t\t\t\tWill P2P lending take over the lending market?\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='How FinTechs are reshaping development'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/how-fintechs-are-reshaping-how-we-think-about-development\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/09\/how-fintechs-are-reshaping-how-we-think-about-development-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10838\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10838'>\n\t\t\t\tHow FinTechs are reshaping development\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}]}}