Open banking is the most prominent response to the strong push from technology, competition, regulation and customer expectations. This begs the questions, why should a private bank’s open banking strategy be individual? What impact does it have on the IT architecture? How does it improve customer service?
The new “ex-custody 2.0” model provides the answers.
Regulation, competition from digital giants, changing client expectations, the rise of open API technology and next generation scalable infrastructure are the forces unbundling the financial industry’s business model. Open banking, or the shift from a monolithic to a distributed business model, is one strategy for banks to harness these forces and generate value.
