Regulation, new technological standards, increasing connections between industries and changing customer expectations require innovations in Payment and Banking. PSD 2 enables access for third party providers and thus facilitates open ecosystems. As a result, banks and other financial service providers lose their monopole over their customer and account data. This is how Open Banking is significantly transforming the financial industry. However, the bank’s asset in this development: the customer trusts „his“ bank. This is the best precondition for banks to position themselves as the provider of „Trusted Services“ and manage the customer identity in digital ecosystems.
But how? The focus should always be the customer experience. The better the user interface and general handling are designed, the more customers will like it – and use it. Open Banking is an opportunity for banks to increase the value for their customers through improved digital services and personalised offers, and, as a result, secure the customer interface – and ultimately save costs.
According to the motto „Those who see more make better decisions“, we visualised the discussion during our TC Business Workshop. Together with experts from the banking and payment industry, we explored what services and products banks can offer their private and business customers in future, and which business models emerge beyond payment.
We look forward to accompanying our clients in these turbulent times and support them in setting the right course.
Therefore: „Hoist the sails – and go!“
Read more in our Whitepaper API-Banking