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    Opening the gates: A framework for an open banking strategy

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    Publication type
    Journal article
    Author
    Standaert, Willem
    Muylle, Steve
    Cumps, Bjorn
    Publication Year
    2020
    Journal
    Journal of Digital Banking
    Publication Volume
    4
    Publication Issue
    4
    Publication Begin page
    364
    Publication End page
    376
    
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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.
    Keyword
    Open Banking, Regulation, Digital Strategy, FinTech, Big Tech, Digital Innovation
    Knowledge Domain/Industry
    Digital Transformation
    URI
    http://hdl.handle.net/20.500.12127/6523
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