With hundreds of fintech cropping up, either competing or collaborating with banks to offer diverse set of innovative products, the question is are we ready to adopt open source banking?
Sectors like retail, transport, food and beverages, education, etc. are all going through a major disruption and all thanks to digitization and open source. But the impact of the trend will be much larger on the financial services sector and the business models based on them are on the verge of digital transformation.
BANKING BUT NO BANK
For those of you who aren’t aware of open banking, let us walk you through it! For this, the banks are more likely to open their application programming interface (APIs) and share customer data with third party players to develop innovative products and offer customized services to users. Apart from providing real-time bespoke services, opportunities also include data creation and marketplace.
According to Sonali Kulkarni, Managing Director, Accenture Financial Services (Banking), “If the banks do it, they have the opportunity to gain almost 20 percent and if they continue to remain inactive they are most likely to lose about 10 – 30 percent of their revenues.”
This story is from the March 2018 edition of Entrepreneur magazine.
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This story is from the March 2018 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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