Jim Marous
The Financial Brand
Owner and Publisher of Digital Banking Report, Co-Publisher of The Financial Brand
As found in last year’s retail bank innovation report, financial institutions are increasingly looking to move to more of an open banking business model, re-prioritizing investment strategies and building third-party partnerships that will drive innovation and customer experiences in the future.
The move away from being a universal player — building digital relationships with all customer segments — is gaining momentum, with the use of application programming interfaces (APIs) now seen as a secure and standardized method to provide consumers more control over how their data is used.
While 60% of organizations considered themselves a ‘universal player’ today, with only 8% saying their business model was being an open banking player, more than 25% of organizations see themselves having an open banking model in 2030. Most of this shift is away from being a universal player — disrupting traditional banking business models forever.
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