Opening the gates: A framework for an open banking strategy

Willem Standaert, Steve Muylle and Bjorn Cumps
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Willem Standaert: HEC Liège – Management School of the University of Liège
Steve Muylle: Vlerick Business School and Ghent University
Bjorn Cumps: Vlerick Business School, Manhattan Office Tower

Journal of Digital Banking, 2020, vol. 4, issue 4, 364-376

Abstract: This paper provides decision makers in digital banking with a framework for developing their open banking strategies. Based on interviews with experts from leading banks and insurers, FinTech and big tech, a large consultancy and the regulator, we have identified five strategic dimensions of open banking — product innovation, customer experience integration, ecosystem competition, datascape and geographical scope — and mapped the relationships between them. Decision makers in financial services can assess their position on these important dimensions of open banking and set their strategic direction. Using the framework, we also illustrate how hitherto relatively closed banks with a dominant market position are starting to transform into open ecosystem players that embrace digital innovation. Likewise, we show how open banking initiatives of big tech and FinTech can be mapped on the framework. In addition, the paper reviews how regulation, market and digital technology impact open banking strategy.

Keywords: open banking; regulation; digital strategy; FinTech; big tech; digital innovation (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2020:v:4:i:4:p:364-376

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