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Financial Services | Consumer Driven Banking | Open Banking

Winning the Open Banking Race: A Challenger’s Path to Entering the Ecosystem Economy

February 5, 2024
Winning the Open Banking Race_Consumer driven banking_Blanc Labs

Capitalizing on the Open Banking Opportunity

This whitepaper provides a practical path to adopting open banking for banks and financial services institutions. It describes the steps that successful early adopters have taken in the process of forming their open banking strategy and executing on it, while balancing the risks and unknowns in markets where regulatory direction was still being formed.

This whitepaper covers:

  • Understanding Open Banking: What is it and What is the Opportunity
  • Building a Business Case for Open Banking Enablement
  • Governance Models
  • Technology Strategies for Open Banking
  • The Ecosystem Approach for Financial Services

Many of our clients understand that consumer directed finance represents a significant shift in how value will be created and distributed between FI’s and consumers.   Knowing how to get started can be daunting and this whitepaper contains recommendations for a “no regrets” approach to make progress when clear guidelines are not yet defined.

The open banking opportunity:

61% workers who say that the introduction of AI has improved productivity.
96% error reduction rate in loan application processing
Building the Business Case for Digital Transformation
$77 billion
the value of open banking transactions worldwideÂą
20%
the increase in Canadian customers’ willingness to share data with big tech firms since 2020²
65%
of Canadian SMBs feel positive about seamlessly sharing financial data between banks and authorized third partiesÂł

Download the full whitepaper for:

âś… A practical path to adopting open banking
âś… Steps you can take in forming an open banking strategy and executing on it
âś… Technology strategy, monetization, governance models for open banking

Open Banking whitepaper cover

Winning the Open Banking Race whitepaper LP Web

Winning the Open Banking Race whitepaper – Feb 2024 Landing page web created in Feb 2024 https://blanclabs.com/insights/winning-the-open-banking-race-consumer-driven-finance

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David Offierski
VP of Partnerships & Open Banking Lead

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