Published: 22 June 2023
Open banking can be about more than complying with regulations. It can support significant product and process innovation, but proving business value can be challenging. Bank CIOs can use these use-case examples to help business colleagues understand the opportunities for open banking innovation.
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Many Gartner clients see opportunities to use open banking to help drive innovation, but struggle to move leadership discussions forward from a basic focus on regulatory compliance.
Focusing on addressing only the regulatory requirements of open banking often results in minimum viable products that cannot scale beyond existing banking processes or support any sort of innovative initiatives.
Bank CIOs have too few specific use cases that they can use to demonstrate how open banking technology investments can increase competitiveness.
But now open banking use cases can address the needs of retail customers, corporate and business banking customers, as well as collections
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