Open banking: opening the gates - Framework for an open banking strategy
Cumps, Bjorn ; Muylle, Steve ; Standaert, Willem
Cumps, Bjorn
Muylle, Steve
Standaert, Willem
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Publication Type
White paper
Editor
Supervisor
Publication Year
2019
Journal
Book
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Publication Number of pages
19
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Abstract
The European regulations on open banking, which will enter into force on 14 September, will not cause any big bang on the Belgian financial market. Customers must first become aware of the many benefits that open banking has to offer. What is more, the law is limited to current accounts and payments. What is certain, however, is that open banking can drastically reconfigure the landscape of the financial sector. There are already indications that the hitherto relatively closed banks with a dominant market position are beginning to transform into open ecosystem players that embrace digital innovation.
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Keywords
Digital Transformation, Financial Services Management