Leapfrogging Open Banking to Open X

With open banking encountering false starts and missed expectations, the industry is being propelled towards an evolutionary future state, Open X, characterized by more effective and open collaboration with new industry players.

Open banking can help close customer experience gaps but is characterized by false starts

Presently, less than a third of customers believe their bank offers a variety of useful financial apps or timely and relevant product recommendations. Effectively capitalizing on open banking can help banks address this existing gap in providing customers a seamless and integrated banking experience. However, banks are falling behind when it comes to effectively leveraging open banking. Only 33% of banking executives surveyed say implementation of open banking initiatives were effective and just 21% say they achieved desired results.

 

Importance and effectiveness of open banking initiatives (%), 2019

World Retail Banking Report 2019

The World Retail Report 2019 from Capgemini and Efma explores how banking customers’ changing needs are increasingly being met by customer-centric newcomers and offers insights into how banks can evolve into inventive banks to remain relevant in the Open X era.

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