Perspectives

Open Banking: The New Customer Frontier

Virtusa xLabs
White paper

Open Banking: The New Customer Frontier white paperThe financial world is increasingly moving towards an ‘open system’. This transformation is driven by a number of factors, such as the possibilities offered by emerging technologies, regulations fueling innovation, change in customer preferences and intense competition in the market caused by non-financial players. In this new open ecosystem, FinTechs and other new players will have the insights they need to offer consumers tailored and targeted financial products at highly competitive rates. This, along with the challenge and cost of adapting their infrastructure, has led many incumbents to view Open Banking negatively: as a cost, a risk and a disruption.

Download the whitepaper to learn why Open Banking is an opportunity for a digital transformation more than a threat. We also examine what banks and other financial services companies can do to meet the initial challenge of transformation and then to go beyond that first step by developing new business models that will anticipate changing consumer demands and build the winning companies of tomorrow.

 

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