Greater access

Open banking offers potential for better customer experience and additional revenue streams, writes Zainab Mansoor

- Zainab Mansoor

In a world that is adopting disruptive technologies such as digital cash, automation and artificial intelligence at incredible speed, it is incumbent upon companies to digitise and keep up with the pace of change.

Financial institutions are no exception.

As financial technology (fintech) and digital transformation continue to infiltrate the banking landscape, service providers must recalibrate their offerings to grow and retain an increasingly techsavvy customer base. Open banking – among newer technologies – may emerge as a key differentiator for banks, who seek to leverage data to secure their foothold and unlock new revenue streams.