Open banking represents the biggest banking transformation in a generation. Regulatory initiatives, such as ‘PSD2 and Open Banking’ from the UK’s Competition and Markets Authority (CMA) empower customers to share their data and payment mandates with third parties, so they can deliver compelling new services that are rich in functionality and enhance the customer experience.
For banks, the success of open banking will ultimately be determined by the value it provides. For this reason, the daunting question faced by all institutions is how to make money out of open banking?
