Open Banking provides myriad opportunities for banks

Steadily, one can observe that, Open Banking provides myriad opportunities for banks to generate new revenues and offer new products; however, it also puts banks at risk of becoming back-end, transactional players, with their products and brands buried deep in another transaction.

 “Banks have an opportunity to use their trusted position with consumers to own the customer relationship, and provide the seamless digital experience customers want and that Open Banking enables” said Alan McIntyre, a senior managing director at Accenture and head of its Banking practice.