Strategies for commercialising open banking: Approaches from around the globe

Shruti Awasthi
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Shruti Awasthi: Senior open banking professional, Canada

Journal of Digital Banking, 2024, vol. 8, issue 4, 294-303

Abstract: Open banking is revolutionising the financial industry by opening up new avenues for collaboration, innovation and customer-centricity. This paper delves into the ways in which client-focused open banking can be commercialised and monetised, leveraging industry statistics and global examples. By examining strategies such as application programming interface (API) monetisation, value-added services, platform-based models and partnership ecosystems, the paper provides valuable insights for stakeholders looking to capitalise on the commercial potential of open banking. Furthermore, it explores the dynamic landscape of open banking adoption worldwide, offering a comprehensive view of the opportunities and challenges faced in different regions and how modern technological advances like artificial intelligence and Blockchain have the potential to add to the value and offerings open banking provides to financial institutions to provide consumers with a superior experience.

Keywords: open banking; API strategy; platform banking; partnership ecosystems; data-driven insights; advanced analytics (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2024
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