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Regulatory and technological developments are driving the introduction of open banking, where consumers will have the power to grant third parties the right to access their account and transaction data. Banks that embrace the concept will be able to become one-stop shops for the best products on the market, crowdsource the development of new services, and generate revenue by selling access to their data and capabilities.The single biggest factor that will determine the long-term success or failure of open banking is consumer adoption. Open banking has got off to a slow start, with low levels of public awareness and the failure of banks to meet the January deadline for API implementation limiting adoption to date.
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Banks can employ a number of different strategies to exploit the opportunities afforded by open banking. Using the bank as a marketplace strategy, banks will transform themselves into portals, using their open APIs to allow third-party services to be accessed from within their own platforms.
Open banking widens out the lending value chain to encompass third party providers. These comprise both full-service lenders and specialists that deal with specific aspects of the lending process. They will use one of two key distribution strategies: either using a bank’s marketplace for third-party products or direct-to-consumer distribution.
Scope
This report provides a comprehensive analysis of open banking, including a detailed examination of the key players shaping the new environment. The report offers insight into -
- How open banking will disrupt existing value chains in retail banking
- The technological, macroeconomic, strategist, and regulatory factors that are driving open banking
- Which providers are currently taking a lead in exploiting the opportunities afforded by open banking.
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Reasons to buy
- Understand how open banking will affect how you can generate value in lending, payments, and the provision of account information services.
- Learn which of your competitors are leading the way in open banking and what they are doing.
- Equip yourself to deal with the disruption that open banking will cause in lending, savings and investments, credit scoring, account information services, payments, insurance, and loyalty schemes.
Companies Mentioned:
Banco Original
BBVA
Capital One
Chase
Credit Agricole
Danske Bank
DBS
Deutsche Bank
Fidor Bank
Monzo
Nordea
N26
OCBC
Starling Bank
UniCredit
Wells Fargo
Backbase
Finastra
FIS
IBM
OpenWrks
Railsbank
Silicon Valley Bank
solarisBank
Sutor Bank
Temenos
TrueLayer
Bud Financial
First Direct
Fractal Labs
HSBC
ING
Tink
Amazon
Apple
Citi
TransferWise
Chip
Moneybox
Raisin
Business Finance Compared
Funding Options
iwoca
Habito
SafetyNet Credit
Zopa
ClearScore
Credit Kudos
CreditLadder
Anorak
Kasko
Flux
Tail
Yoyo
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Table of Contents
PLAYERS 3
OPEN BANKING BRIEFING 4
TRENDS 5
Technology themes 5
Macroeconomic and strategic themes 6
Regulatory themes 7
INDUSTRY ANALYSIS 10
Lending and account information services will be the most affected activities 10
Market size and growth forecasts 11
Timeline 12
THE LENDING VALUE CHAIN 13
Banks will create marketplaces to distribute third-party products 13
THE PAYMENTS VALUE CHAIN 15
PISPs are well-positioned to dominate the new landscape 16
THE ACCOUNT INFORMATION VALUE CHAIN 17
Consumers are receptive to account information services 18
SMEs will adopt account information services more quickly than consumers 19
COMPANIES SECTION 20
Banks 20
Vendors and facilitators 22
Account information and PFM 24
Payments 25
Savings and investments 26
SME lending 27
Consumer lending 28
Credit scoring and profiling 29
Insurance 30
Loyalty 30
GLOSSARY 31
APPENDIX: OUR “THEMATIC” RESEARCH METHODOLOGY 32
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