A seismic shift
Open banking is about to unleash what has the potential to be a seismic shift in retail banking driven by regulatory changes, changing consumer preferences, and technology-enabled innovation. The evolution from a closed model, where each financial institution retained and controlled the information it collected about its customers, to an open model, has the potential to change competition in the sector and see the creation of new products and services based on that data.
In the UK, the first nation to launch open banking, the new laws commenced on 13 January 2018.
In Australia, the interim report on
The Farrell Review covers critical issues around data security, privacy
There will be opportunities to adopt strategic pricing, including risk-based pricing, as financial institutions more accurately model risk.
The ability to effectively use customer data will be paramount. Banks will invest in
We are exploring many of these topics in this open banking series.
Deloitte has a range of services to help
- Open Banking: a seismic shift
- Open Banking: Comprehensive Credit Reporting (CCR)
- Open Banking: Potential pricing implications
Published: January 2018