Why 2019 is the year of open banking
Now that banks can start to look beyond the huge task of being regulation ready, everyone’s attention is turning to what’s next. Which is how to get the most out of the open banking opportunity. But if banks want to stay ahead of the emerging competition, the time to act is now.
Regulation has opened up the market and given everyone the same tools, enabling them to build better banking experiences for customers. The banks will need to come out fighting if they want to remain relevant, attract new customers and increase revenue. And this is why.
We have already started to see the power shift from the bank to the consumer. Progressive technology has fuelled open banking, but so has customers’ changing expectations. People who are used to a personalised experience from the likes of Netflix and Spotify no longer value a one-size-fits-all approach. And any bank continuing to offer this kind of service won’t keep its customers for long.
2019 will be the year of open banking because we’ll see greater proof of what it can deliver. New financial management services will come to market and greater consumer awareness of open banking will follow.
The winners will be the banks that place a relentless focus on the customer, create new revenue streams by monetising data, and diversify their offerings into new markets. That’s easier said than done, when banks have had to carefully balance a significant investment in IT to update legacy systems and meet regulatory requirements – with the investment needed to create innovative new services for customers.
To give you the full picture of what’s going on right now in open banking, we are diving into the numbers behind the latest trends – and we’ve gone deep into the challenges and opportunities ahead to help you navigate them.
We are in the year of opportunity – and we’re explaining why you should care. Click here to get your copy of the report.
More in Open banking
2024-07-22
1 min read
Commercialising open finance – a VCA report
Tink worked with Visa Consulting and Analytics on a new white paper which details the state of play, direction of travel, and best open finance practices from around the world.
Read more
2024-04-08
6 min read
How the Instant Payments Regulation will change the EU payments landscape
We explore the details of the Instant Payments Regulation, as well as its benefits for consumers and PSPs – such as increased convenience, more innovation in the market, and reduced costs.
Read more
2024-03-07
6 min read
Smart moves with smart meters: how commercial VRP could support pay-as-you-use billing models
Discover how variable recurring payments can transform smart meter billing into a more flexible user experience – and utility providers more ways to support financially vulnerable customers.
Read more
Get started with Tink
Contact our team to learn more about what we can help you build – or create an account to get started right away.
