Financial services companies face a new set of factors as they contemplate how to generate sustainable growth. Despite some skeptical views on a more open approach, many financial services firms already provide access to internal core systems and share consumer data with third parties. In further embracing this strategy, organizations can potentially accelerate efforts to revitalize growth in banking.
Open banking refers to the opening of internal bank data and processes to external parties via digital channels. This can include the secure sharing of customer-authorized financial data with third parties or the distribution of partner-based products to bank customers.
An “open” approach can enhance returns through lower cost digital product and market expansion, or enable a bank to extend its core systems directly to customers and partners. Whether this is a selective curation of third-party partners or a more transformational approach involving a public API marketplace, open banking can provide a controlled, secure strategy to innovate and help refine the consumer engagement model in a digital native world.
Financial Services Advisory Leader, PwC US
Financial Services Advisory Digital Leader, PwC US
Principal, PwC US
Partner, PwC US
Director, PwC US