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How to add business value with Open Banking
A Konsentus study shows that one in three nations—68 in total—have launched a national open banking program. This shows a significant regulatory drive to implement open banking, with 64% of open banking initiatives being enforced through legislative mandates.
According to the Gartner® Emerging Use Cases That Validate the Business Value of Open Banking, Open banking extends beyond regulatory compliance, offering a platform for substantial advancements in product development and process innovation. Demonstrating the business value it brings can present its own set of challenges.
Bank CIOs can use these use-case examples to help business colleagues understand the opportunities of open banking innovation.
Open banking strategies for tech leaders by Gartner®
In order to guide financial institutions towards exceeding mere compliance and tapping into the full potential of open banking, Gartner has compiled a selection of compelling use cases in a detailed report.
This resource aims to assist CIOs in comprehending and conveying the myriad advantages and prospects associated with open banking.
We believe that Gartner suggests that banking CIOs should prioritize four key factors when navigating the realm of open banking.
1. Customer needs
In this report, Gartner highlights use cases that address the needs of retail, corporate and business banking customers, as well as collections, tax service providers and fintechs when it comes to open banking.
To address those needs, Gartner has created a list of emerging business models and pragmatic customer-facing product options, presented as an open banking use-case taxonomy.
2. Beyond compliance
In this report, a growing number of Gartner client inquiries are acknowledging the shortcomings of solely investing in technology to meet the requirements of emerging open banking regulations.
Open banking transcends mere regulatory compliance, offering a gateway to substantial advancements in product offerings and optimizing process innovation.
3. Investment priorities
Focusing solely on meeting regulatory requirements in open banking often leads to developing basic products that struggle to evolve beyond traditional banking processes or foster innovative ventures.
Despite the advancement of open banking in both technology and business models, many banks still approach it with a limited perspective. This report aims to broaden the perspective of banking CIOs on Open Banking by presenting a diverse array of innovative technology.
4. Use Cases
Within this report, Gartner sheds light on intriguing examples of Open Banking use cases aimed at inspiring CTOs to delve into the benefits of this technology and initiate its integration within their organization.
There are a variety of use-case types discussed by Gartner with clients, providing valuable insights for further exploration.
Master open banking by exploring use cases
Gartner has curated a detailed report showcasing various examples of innovative possibilities in open banking. Download the full report to Discover Gartner’s emerging use cases.
Gartner, Emerging Use Cases That Validate the Business Value of Open Banking AI, By Analyst: Alistair Newton, Christophe Uzureau, and 1 more
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, its affiliates and are used herein with permission. All rights reserved.
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