Open Banking—Are You Ready?

Open banking is an emerging technology trend among forward-thinking banks that use an application programming interface (API) ecosystem to help them innovate products and devise new customer engagement strategies. Adopting this approach allows banks to better provide more personalized customer offers and other account information services so they can remain competitive in a rapidly evolving and increasingly agile market. Non-banking entrants such as tech giants and fintech companies are already making inroads and attracting new customers. There will likely be a shake up of the financial services industry in 2018 as established banks adapt their services to compete and go ...