Winning In The Age Of Open Banking

Summary

In January 2018, the Open Banking directive came into force in the UK. Twenty months later, 143 providers regulated by the Financial Conduct Authority have enrolled in Open Banking, including the nine biggest UK banks, which were required to do so. So where have we got to in this new Open Banking age? And how do companies move forward and succeed now that customers are increasingly taking the reins when it comes to their data – and their allegiance? According to the recently published World FinTech Report 2019, Open Banking has set the stage for the transition to an impending future phase called Open X. Four fundamental shifts in market dynamics exemplify Open X: moves from Product to Experience, Asset to Data, Ownership to Shared Access, and Building or Buying to Partnering.