Open Banking: A Strategic Change to Banks – The Playoffs

“Open Banking is about making everything for sale. It provides a new way to
increase digital revenue for the banks that are willing to think differently. Open Banks
and FinTechs will continue to erode margins and customer relationships for those
banks that don’t.”
— Kristin Moyer, Research Vice President and Distinguished Analyst at Gartner

With the transition to the new open ecosystem, Open Banking presents a regulatory challenge for banks while also creating a significant potential to develop new business models for financial services and new value for clients.

By establishing the Open Banking framework, the adoption of Open Banking formalises the interaction between banks and fintechs. The inevitable shift to Open Banking, which offers open access to customer account data and the payments infrastructure, has accelerated the development of new integrated service models by FinTech industry participants.

In this white paper, we will outline the major considerations for Open Banking implementations and investigate how banks may go beyond OB compliance to offer a streamlined experience for end-users while increasing efficiencies by leveraging  Macro Global’s Open Banking solution – Tavas as a strategic partner.