Open banking experiences set the stage for Open X

Elias Ghanem
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Elias Ghanem: Market Intelligence, Capgemini Financial Services

Journal of Digital Banking, 2020, vol. 4, issue 4, 307-317

Abstract: As open banking regulations encouraged established firms to collaborate with FinTech newcomers as solution partners, the banking ecosystem became more convenient for customers through greater transparency in data exchange. Now an emphasis on delivering experiences versus only products is driving banks to focus on the entire customer journey and touchpoints in customers’ daily lives. Within this evolving banking ecosystem, data is becoming a critical asset, with front runners holding and storing information while also using it strategically to inform business decisions, create value and unlock revenue. Collaboration with financial services (FS) has become commonplace as firms pursue new capabilities by working with best-fit partners versus building or buying new resources — a shift that allows them to innovate without losing the focus on essential activities. As ecosystem partnerships promote shared access versus complete ownership, banks and other players will be able to refine their products, adopt offerings from across ecosystems and create new sources of revenue. This paper demonstrates how the inevitable new FS era, Open X, will feature a shared marketplace with a seamless exchange of resources, improved experiences for customers and others and expedited product innovation to create a winning go-to-market platform for all ecosystem participants.

Keywords: AI; APIs; API standardisation; applied innovation; artificial intelligence; automation; banking ecosystem; bundling; customer experience; data science; digitisation; FinTechs; FS; financial services; integrated ecosystem; open banking; Open X; PSD2; rebundling; ScaleUp Qualification; sharing economy; shared marketplace; structured collaboration (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2020
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