The benefits of open banking are becoming clearer by the day. By increasing access to financial data through seamless connections, competition and innovation will increase, costs will reduce and financial services will be more accessible to more people. Financial services firms – existing and new entrants – can increase their customer bases while reducing the cost of delivering services.
Not only is open banking arriving, but it is picking up steam. Led by SAMA, the open banking framework is expected to go live later this year. Indeed, the project has entered the second phase “market implantation”, and a number of companies have been granted permission, including Bwatech, Rabet and Mala’a.

Today’s customers expect more. Digital-native, purpose-driven and experience-led, they know what they want and will move to get it.

The competitive landscape is shifting. Powered by rapidly advancing technology and reducing barriers to entry, new competitors are emerging – from around the world and around the corner.
For banks, the challenges are multiplying, but so too are the opportunities.

Banking is experiencing a once-in-a-lifetime shift. Disruption is happening across the value chain, from customer engagement to onboarding, lending, payments, and alternative financing. As customer expectations, digital capabilities, regulations and economics evolve, banks that can adapt quickly and continuously to stay ahead will be the ones that thrive.  

In today’s world there is no shortage of advice. Strategies abound.

However, what is missing, what is in short supply, is a clear, concise and easily executable roadmap. A roadmap to help you overcome the challenges and capitalize on the opportunities.

Join Finastra and other experts to hear more about open banking – the what, the why and more importantly the how