Gartner Research

How CIOs Can Use Open Banking Principles to Improve the Account Opening Process

Published: 10 July 2018

ID: G00351863

Analyst(s): Nicole Sturgill

Summary

No single account opening application can meet all of a bank's account opening requirements. Open banking, by providing the basis for a digital platform, enables CIOs to create a streamlined account opening process that reduces costs and makes it easy to add new products and services.

Table Of Contents
  • Key Challenges

Introduction

Analysis

  • Ensure That Your Project Addresses the End-to-End Account Opening Process by Defining System Dependencies, Integration Points and Mapping Technology Requirements
  • Streamline the Customer Experience by Creating a Digital Platform That Operates Within and Across All Five Stages of the Account Opening Process
  • Gain Buy-In for an Open Banking Approach to Account Opening by Identifying Long-Term Opportunities to Optimize Costs and Create New Value
  • The Bottom Line

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