If you've listened to Open Banking debates over the last eighteen months, you'll be used to hearing how banks will lose out to newer, nimbler, more technologically adept fintech competitors. Business models will be undermined, services disaggregated, customers poached.
There's no denying that banks will be challenged by Open Banking. But what's often overlooked, are the many advantages banks enjoy which will give them a competitive advantage.
Banks have an existing financial relationship with millions of consumers. They are repositories of trust and no matter what the Open Banking landscape looks like, banks are likely to remain at the heart of it.
Here are 5 ways in which banks will benefit from the move to Open Banking:
To make the most of open banking, banks need a low-overhead, fast-moving, low-code development environment. This allows them to react faster, getting new products, services and technologies to market in time to make the biggest impact and capture the greatest market share.
Download our white paper, Open Banking: The New Customer Frontier to learn more about how Open Banking will revolutionize the banking and financial services industry.
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. Download here
Download our new white paper, Open Banking Beyond Compliance to learn about why monetizing Open Banking APIs is vital for long-term success.
In this white paper, Virtusa surveys the current Open Banking landscape and puts forward recommendations for effective API monetization, including API pricing models, risk and quality control mechanisms, potential new business models, and strategies for open banking. Download here
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