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Open Banking

Open integration with third-party platforms represents a major change in how banks manage their data.

Open Banking is the trend toward integration of proprietary banking platforms with third-party platforms through leveraging open application programming interfaces (APIs). It allows for both the seamless delivery of banking services across partner platforms and the enrichment of banking platforms' capabilities by incorporating third-party services.

Two ways in which banks are implementing Open Banking principles

Within a Bank’s Own Platforms

Banks can leverage functionality provided by third parties

  • To expand the range of services that the bank provides
  • To enhance the customer experience within banking platforms
  • To increase efficiencies and reduce costs

Across Third-Party Platforms

Banks can provide additional services through third-party platforms

  • To provide a new distribution channel for the bank’s existing products and services
  • To spur business-model innovation and the creation of new products

Five Key Reasons to Partner with BCG on Open Banking Projects

  • Vast experience and strong references in Open Banking/API monetization
  • Understanding of the challenges of large-scale Open Banking transformation
  • A highly collaborative approach that reinforces organizational buy-in and enablement
  • Deep support from both our core BCG strategy practice and from Platinion, our dedicated technology group. Together we understand the technology, business-strategy, and organizational changes needed for Open Banking
  • Extensive experience working with system integrators globally on large technology transformations

DigitalBCG in Financial Institutions
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