Fully understand open banking with this report.
| | How banks can leverage open APIs and maintain their retail banking dominance… Open banking is the democratization of access to data previously exclusively owned by legacy financial institutions. The open banking trend is being driven by a number of factors and will ultimately become the norm. That means retail banks need to rethink their business and operational models if they want to maintain the positions of dominance in the financial ecosystem. In a new report from BI Intelligence, we explore the drivers behind open banking in detail, outline the options for banks as they look to update their business and operational models, and explain the likely potential winners and losers of open banking. Among the big picture insights you'll get from this report, titled The Open Banking Report: How Banks Can Leverage Open APIs and Maintain their Retail Banking Dominance:  | | | - Open banking is most often facilitated by a technology known as Application Program Interfaces (APIs) which have enabled the business models and success of some of the most well known startups of recent times.
- There are a number of drivers behind the open banking trend, the most obvious of which is regulation that forces banks to give customers access to their data, or enable permissioned third parties to access their data.
- Banks adopting open banking are taking a number of different approaches, from just taking the necessary steps to comply with regulation, to actively embracing the concept in an effort to maintain their retail banking dominance.
- Banks are using different models of open banking, including app stores and sandboxes. Which model, or combination of models, a bank adopts depends on its priorities and the drivers it finds most imperative.
- Open banking will have a significant impact on fintechs. With access to banks' systems and vast data stores, fintechs will be able to provide more personalized products, while operating with greater autonomy. However, open banking will also increase fintechs' regulatory and cybersecurity burdens.
This exclusive report also: - Explains the concept and mechanics of open banking
- Outlines the drivers behind its increasing adoption by global retail banks
- Highlights the different approaches banks are taking to open banking, and explores the advantages and disadvantages of each
- Explores the future of open banking, including its impact on fintechs
- And much more.
The Open Banking Report is how you get the full story. To get your copy of this invaluable guide, choose one of these options: - Bundle and save 92% today when you access the Ultimate Fintech Report Bundle. You will gain immediate access to this report and 48 others on some of the most important topics impacting the financial technology space. BUY THE BUNDLE AND SAVE 92% »
- Purchase the report and download it immediately from our research store. BUY THE REPORT »
The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the fast-moving world of fintech. | |  | | Copyright © 2017 Business Insider, Inc. All rights reserved. |  | | | |
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