Keep pace with competitors as well as market demands by leaning into an open banking strategy
The digital imperative for banks and financial institutions cannot be understated. Even prior to the advent of COVID-19 when customer interactions could occur in branch locations and in-person settings, the industry was grappling with the need to meet the digital demands of an evolving market. The events of 2020 and our reliance on digital interactions and banking self-service have only cemented the urgency and need for banks to become more digital. As banks chart their course to digitization, open banking is emerging as a capability banks will also need to confront to remain competitive and keep the pace of an increasingly digital marketplace.
Those that are able to embrace open banking will be the ones who effectively use data to: inform decision-making and determine strategy; find new customers and cross-sell existing products and services; improve services; and build new partnerships.