Delivering on the promises of Open Banking
Open Banking has the potential to transform not only how banks operate, but how and even why consumers and businesses choose to work with them. The industry must address key challenges now to enable the adoption of Open Banking-enabled solutions at scale. This includes:
- Developing standardised mechanisms by which banks and third-party providers (TPPs) interact
- Establishing ecosystem-appropriate solutions to maximise security and minimise participants’ exposure to fraud
- Providing clarity and consistency in how to manage enquiries and resolve disputes
Ultimately, the success of Open Banking will rest on it being largely invisible to end-users, be they consumers, SMEs or corporates. This will require a relentless focus on removing friction from the experience of all stakeholders – not just end-users but also the developers and TPPs that will play an integral role in shaping the future customer experience.
Download the white paper to learn more.