While financial institutions share a positive sentiment towards open banking, our latest survey report – Taking advantage of open banking – found that not every department sees eye to eye.
But despite the challenges, banks are still in the best position to offer integrated open banking services and unlock valuable new customer experiences. Here are three key steps to bridging potential gaps in culture and knowledge – and making sure they’re extracting open banking’s full potential.
1. Get open banking on the roadmap
Our previous reports have shown that European financial institutions are investing big in open banking, but the focus seems to be on compliance-related use cases, rather than innovation within products and services.
Financial institutions have a unique opportunity to improve their offering and introduce valuable data-driven digital services that today's customers expect. To do that, they should ensure that open banking is raised as an opportunity across all parts of the organisation – and incorporated into the roadmap.
2. Embed open banking capabilities across the organisation
The survey shows that financial executives are generally happy with the talent available across all departments of the organisation. Since open banking goes beyond regulatory requirements, the talent that has been working on building PSD2 APIs can be used to integrate these capabilities into other parts of the organisation.
And while technology modernisation is a key outcome from open banking investments, executives should investigate how these investments can benefit the online, mobile, or developer interfaces, as well as transform the customer journey and product origination processes.
3. See open banking data as the fuel for product development
Open banking is not just a matter of new technology or regulations – it's a culture change. It's changing the way people think about data, data ownership, and data usage. Leveraging customer data to optimise processes or to enhance services has traditionally been frowned upon within most financial institutions. It still is.
To become more confident in open banking, organisations will need to start thinking about the customer first.
How will the customer benefit from sharing their data? What is the value exchange?
Any service powered by open banking will rely on the customers' willingness to share information. This understanding needs to be rooted in the heart of the culture and operations of the organisation.
Get the full insights and find out what the numbers reveal when it comes to internal alignment on open banking in our survey report: