APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    Why are Banks Moving towards Open Banking Business Model?

    Traditional banks are identifying new methodologies to compete in today's marketplace successfully. One approach that these banks are embracing is open banking that has allowed them to address the customers’ needs in a better way.  

    Why are Banks Moving towards Open Banking Business Model?

    By

    Apac CIOOutlook | Thursday, January 01, 1970

    Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.

    Traditional banks are identifying new methodologies to compete in today's marketplace successfully. One approach that these banks are embracing is open banking that has allowed them to address the customers’ needs in a better way. Open banking securely shares data with third-party applications or consumes data from third-party sources while providing new state-of-the-art services. It enables banks to present information to their customers enabling them to make better choices around financial planning, products, and services. Banks have started to collaborate with fintechs and technology partners to make open banking a success.

    The open banking business model facilitates the banks with the ability to reduce costs, grow their business, and provide an improved customer experience by utilizing third-party applications and services. A shift to open banking will not only provide banks with an improved customer experience but will also predict customers’ needs, meet regulatory and compliance standards, and enable platform-based business models. 

    Moving towards the realm of open banking, banks must assess their business processes and see how they can connect the channels such as transactional banking and data analytics in real time. They also need to collaborate with partners and fintechs in order to achieve growth. One of the most important factors is prioritizing the workforce and ensuring that employees are engaged in the digital transformation process.

    Implementing an open banking business model is valuable as it offers functional benefits like providing customers with real-time credit scores through their existing bank accounts. Today, banks are collaborating with fintechs to develop innovative models and new ways of conducting business. 

    Check out: Top Wealth Management Solution Companies

    More in News

    Enhancing Customer Satisfaction through Omni-Channel Payments

    Enhancing Customer Satisfaction through Omni-Channel Payments

    AI's Role in Apac's Digital Transformation Journey

    AI's Role in Apac's Digital Transformation Journey

    Influence of AI on Supply Chain Management

    Influence of AI on Supply Chain Management

    Role of Blockchain in Fostering a Trust-Based Economy

    Role of Blockchain in Fostering a Trust-Based Economy

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://www.apacciooutlook.com/news/why-are-banks-moving-towards-open-banking-business-model-nwid-5031.html