Striving to get Competitive Advantage in Open Banking

With technological advancements, open banking has become quite popular and is transforming the banking industry rapidly. New ways of working and innovative propositions have followed suit and are giving unparallel commercial returns. But one thing which is noticeably absent is the proper planning of the ways in which these new propositions should be launched. At what points of businesses the operational expertise will be launched and exactly where they will be found, need to be scrutinized as well. Players in the industry need to adapt to these changing scenarios and are working day and night to make the right move.

Looking at the changing scenarios, it is evident that the significant revenue opportunities will plunge and banks will be more involved in the changing processes, and APIs will be based on how the new propositions are built. APIs are useful as they allow adding features without even putting the effort into developing them. The industry will have to focus on the steps they are taking to combat the risks posed by the API systems as well.

Organisations often invest huge sums of money in this quest, but they still use the traditional test-a-test methodology which is out of date. Organizations have to adopt new testing methods which have substantially advanced to a great extent. It is again easy to launch the operations if it has been virtualized previously. This also makes the operations quick, safe and cheap, and helps the enterprise evolve at a faster rate and stay ahead in the competition. Overall, organizations have to keep themselves updated and move at a faster pace toward their goals.