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This is a report by Mobey Forum’s Open Banking Expert Group, chaired by:
Kristian Sorensen, Norfico
Mario Brkic, Erste Group
Marc Folch, Interac
Though Open Banking in many countries has been driven “top-down” as a regulatory requirement, many banks have taken the opportunity to revisit their strategies to look beyond a pure compliance play. A natural next step after implementation of the regulatory mandated APIs, is to shift their strategic focus to the topic of monetisation. From the perspective of supporting the long-term health of the ecosystem, this should be encouraged. Open Banking (and later Open Data) can only realise its full potential if organisations big and small persistently invest in making it better and more useful over time. The most efficient and effective way for that to happen is if there are self-sustaining market economics that reward those who do.
- This report details key takeaways from a year-long study which leveraged the expertise of top Open Banking experts across some of the world’s leading institutions in the area (see list of contributors), many of whom were surprised by what was revealed:
- There are considerably more monetisation opportunities than initially expected.
- Many of these opportunities are internally facing use cases within their organisations and are therefore of much lower risk and higher return than the externally targeted opportunities that often first come to mind.
- For external opportunities, many may require cooperation between Financial Institutions since their market value requires (near) full coverage of all consumers and/or SMEs in a given country or region.
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