Open Banking is turning into a global trend. Accelerated tech innovation, changing customer preferences and a growing digital landscape is enabling regulatory interventions that have a disruptive potential to drive truly revolutionary change.
In Europe The European revised Payment Services Directive (PSD2) and the UK’s Competition and Markets Authority, are enforcing an Open Banking standard (CMA9). In Australia, the federal government introduced an ambitious deadline of 1 July 2019 to start the phased implementation of Open Banking, with the country’s four largest banks.
It’s both the route to digital transformation and the commercial imperative. Open Banking provides vast opportunities for banks and financial institutions to reinvent their legacy systems via fast-developing technologies such as FinTechs, microservices and APIs. It fuels innovation and digital transformation for incumbents to stay competitive, differentiate and generate value.