UK banking is on the cusp of a brave new world – open banking. It’s a bold step into the unknown with high aspirations – leveraging digitisation and big data to transform the banking experience for retail customers and small and medium sized enterprises (SMEs).
The intention is that product and service innovation will come by opening up banks’ customer data to third parties, therefore driving competition and reducing the stranglehold of the big banks. The hope is that open banking will enable far better comparison of accounts and banking costs than is possible now, make switching more attractive, and foster the development of exciting new offerings.
In this Executive Insights, L.E.K. London Partners Peter Ward and Diogo Silva explore the substantial opportunities available for banks of all types and size. There could be transformational wins for astute challenger banks, while for incumbent large banks there is huge potential for renewed relevance and customer-centricity, which could reinvigorate and transform customer relationships.
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