Discover how open banking technology is helping banks grow their business by downloading this open banking report. Learn about open banking benefits and gain insights from industry experts while reviewing the latest statistics and trends. Take a deep dive into successful fintech use cases in this report while learning from real-life examples. See how the products covered are powered by open banking APIs, while others are anticipated to be powered by open banking in the future.
15 Open Banking Use Cases
This open banking whitepaper examines 15 use cases through which fintech companies drive real value, enhance banking functionality, and build new ways of servicing clients through open banking. While some of the use cases are driven by standardized open banking APIs, others are driven by proprietary methods and are expected to move towards open banking in the future.
This document is written for senior leaders at US and Canadian financial institutions, with the purpose of visualizing the art of the possible in open banking and igniting the imagination with new ways to grow your organization’s capabilities, gain a competitive edge, and deliver superior customer experiences
15 Use Cases for Open Banking
No. 1: Account Aggregation
No. 2: Consumer Spending Insights
No. 3: By Now Pay Later
No. 4: Wealth Management
No. 5: Insurance Sales
No. 6: Personalized Products and Experiences
No. 7: Bill Payment and Management
No. 8: Tax Preparation
No. 9: Payment Initiation
No. 10: Streamlining Account Opening
No. 11: Document Processing for Onboarding
No. 12: Enhanced KYC/AML Monitoring
No. 13: Expanding Credit Models
No. 14: Treasury on Demand
No. 15: Accounting Data Aggregation
Open Banking Benefits
Open banking technology is driving banks to extend their reach to existing customers and find new customers. Leading financial services organizations are focusing on the open banking scenarios that provide the greatest value with the shortest time to market.
This opportunity assessment explores 15 popular business use cases with the following parameters and how open banking benefits each application:
- Challenge faced by the financial institution
- Potential solution and opportunity
- Specialized fintech who provides a solution
Download the report now to find out how banks are using their data to gain a competitive edge.