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Fintechs are making waves in the finance services and banking industries, and open banking will be a key factor propelling them to the forefront. This presents a major challenge for banks in the rapidly evolving industry. On the flip-side, according to Connectivity Benchmark Report 2018, the lack of re-use and the lack of self-service bring a company large costs and only one third of organizations ‘internal IT software assets and components can be used for developers’ reuse.

This trend needs to be changed and instead of competing directly against fintech and third-party institutions, incumbents can leverage open banking to partner with them and thereby remain competitive and cost efficiency.