Financial institutions are racing to adopt open banking initiatives to attract more customers, drive additional revenue, and become more efficient. Follow these six steps to accelerate your open banking and finance initiatives for competitive advantage in a collaborative, interconnected marketplace.
01 Achieve continuous compliance
You need to handle data securely and transparently to stay in compliance with increasingly stringent open banking regulations like the U.S. Dodd-Frank Act. Look for a solution that addresses the complexities of maintaining compliance through strict adherence to security standards and continuous updates.
02 Manage consumer consent
Consumers want access to their financial information, but they don't want it shared without their explicit consent. Your solution needs to support meticulous consent management, both for internal recordkeeping and interfacing with customers.
03 Eliminate screen scraping
Screen scraping is inefficient, creates security risks, and is falling out of favor with U.S. regulators. Replace it with secure, API-based data access that the upcoming Dodd-Frank Section 1033 requires.
04 Move products and services to market faster
Reducing time to value for innovative offerings is key to meeting customer expectations and staying in front of the competition. Reach the finish line first and speed integration with partner apps with a no-code/low-code solution and APIs prebuilt to open banking standards like FDX.
05 Turn APIs into gold
A built-in API marketplace lets you package and group all your APIs in one place for instant discovery and use by internal and external developers. That gives you an opportunity to monetize your APIs in the form of valuable products that developers can access via subscription.
06 Focus on customer experience and loyalty
Consumer expectations for personalized services, fast responses, and control over their data continue to grow. The right robust and flexible solution enables you to advance embedded finance strategies that deliver all this, building customer loyalty and enhancing up-selling and cross-selling opportunities.
Are you ready to accelerate your open banking initiatives?
