Opening the gates: A framework for an open banking strategy
Standaert, Willem Muylle, Steve Cumps, Bjorn
Standaert, Willem
Muylle, Steve
Cumps, Bjorn
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Publication Type
Journal article
Editor
Supervisor
Publication Year
2020
Journal
Journal of Digital Banking
Book
Publication Volume
4
Publication Issue
4
Publication Begin page
364
Publication End page
376
Publication NUmber of pages
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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.
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Keywords
Open Banking, Regulation, Digital Strategy, FinTech, Big Tech, Digital Innovation