The era of Open Banking
Impacts on business models
Open banking has the potential to reshape the future of the financial services industry. However, realizing its full potential will require prudent thinking on its design, applications, and implications. This article is Deloitte’s third release of a multi-part series that explores the most pertinent open banking issues facing Canada’s financial services sector.
In this article, we explore open banking’s contributions to the industry in the context of a series of shifts in the financial-services sector, such as payment modernization, digital-identity solutions, and BaaS. Then, we outline five actions that can help financial-services providers create defensibility and differentiation in an open-banking milieu:
- Optimizing digital sales
- Scaling relationship banking
- Securing third-party distribution
- Owning journeys for key client segments
- Designing bank-wide loyalty programs
We encourage you to read the article to learn more.