IDEAS home Printed from https://ideas.repec.org/a/aza/jdb000/y2020v4i4p364-376.html
   My bibliography  Save this article

Opening the gates: A framework for an open banking strategy

Author

Listed:
  • Standaert, Willem

    (HEC Liège – Management School of the University of Liège)

  • Muylle, Steve

    (Vlerick Business School and Ghent University)

  • Cumps, Bjorn

    (Vlerick Business School, Manhattan Office Tower)

Abstract

This paper provides decision makers in digital banking with a framework for developing their open banking strategies. Based on interviews with experts from leading banks and insurers, FinTech and big tech, a large consultancy and the regulator, we have identified five strategic dimensions of open banking — product innovation, customer experience integration, ecosystem competition, datascape and geographical scope — and mapped the relationships between them. Decision makers in financial services can assess their position on these important dimensions of open banking and set their strategic direction. Using the framework, we also illustrate how hitherto relatively closed banks with a dominant market position are starting to transform into open ecosystem players that embrace digital innovation. Likewise, we show how open banking initiatives of big tech and FinTech can be mapped on the framework. In addition, the paper reviews how regulation, market and digital technology impact open banking strategy.

Suggested Citation

  • Standaert, Willem & Muylle, Steve & Cumps, Bjorn, 2020. "Opening the gates: A framework for an open banking strategy," Journal of Digital Banking, Henry Stewart Publications, vol. 4(4), pages 364-376, March.
    • Handle: RePEc:aza:jdb000:y:2020:v:4:i:4:p:364-376
    as

    Download full text from publisher

    File URL: https://hstalks.com/article/5515/download/
    Download Restriction: Requires a paid subscription for full access.
    File URL: https://hstalks.com/article/5515/
    Download Restriction: Requires a paid subscription for full access.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    open banking; regulation; digital strategy; FinTech; big tech; digital innovation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aza:jdb000:y:2020:v:4:i:4:p:364-376. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Henry Stewart Talks (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.