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Launching an Era of Innovation with Open Banking

 

Padmavathy Ramesh

Head, Research, Innovation, and Open Banking BFSI UK and Ireland, TCS

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Open banking drives innovation through interconnected ecosystems

Over the past few years, neo banks have challenged the status quo of incumbents by leveraging disruptive digital technologies, ushering in an age of innovation in banking. Regulators are driving increased sharing of customer data in their geographies through the introduction of directives such as PSD2. While initially open banking was met with resistance, there is now a better understanding among participants about the adoption and the opportunities it brings in the form of value-added services. We believe, open banking will deliver on the promise of contextual customer experiences, faster financial decisions, and interconnected ecosystems, but only if banks adopt the right approach.

Open banking will set the tone for the future of banking by:

  • Orchestrating collaborative ecosystems beyond organizational boundaries
  • Laying a foundation for continuous innovation
  • Bringing a shift towards customer-focused propositions

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