The cloud has accelerated the delivery of open banking standards, transforming the industry into a transparent sector with potential to scale exponentially. Traditional banks and fintech players would benefit from structured collaboration, facilitated by API standardisation and later, shared customer data insights.
We are witnessing digital marketplaces emerging that are creating exciting new channels for consumers, spurred on by government regulations and enabled by new technologies. These nimble marketplaces are not unlike brick and mortar ‘pop-up’ retailers and appeal to today’s customers through engaging, highly-personalised products and services.
This report addresses how can banks think beyond compliance to address the customers’ growing demands, how the next evolution of customer loyalty can be defined and how can we, as an industry, can calibrate the business model to drive new acquisition channels as well as quickly enable new partnerships to create value-aligned propositions.
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