Banks are challenged to evolve from the Open Banking approach towards an Open X mindset – global survey

Banks must collaborate with start-ups to remain relevant as the financial ecosystem evolves from ‘Open Banking[1]’ to ‘Open X[2]’ Retail banks are struggling to deliver a positive last-mile experience[3] as customers demand more comprehensive and personalized banking, according to the World Retail Banking Report (WRBR) published today by Capgemini and Efma. “In an era of rising consumer expectations, banks are challenged to offer their customers a consistent engaging experience across all channels – branch, web and […]

Open banking, the payments industry and BigTech challengers: „in a market defined by innovation, many incumbents are more fearful than optimistic about the pace and direction of change”, CapGemini report

As global non-cash transactions boom and competition flourishes, many banks remain reluctant to embrace Open Banking via data sharing, ecosystem partnerships and open platforms, with multiple incumbents still being cautious of change. Instead, they perceive Open Banking as a potential challenge when it is a necessity for improved customer experience and retention in the long-run. That’s according to Capgemini’s World Payments Report 2019, which tracks and analyzes non-cash transaction volume, regulatory […]