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Days since the flag dropped on Open Banking

While the Open Banking race has been underway for over two years, little has changed for UK banking customers. Products, services and experiences remain similar for most.  Only a small number of organisations have genuinely faced up to the opportunities that Open Banking provides by exploring new business models and challenging existing views on their products and services. 

While Open Banking is starting to be leveraged by financial players around the world, Big Tech firms are also tapping into its power. 

Firms need to address a number of important areas to be confident of success.

By supporting incumbents, neobanks and challengers with their most important open banking delivery, Axis Corporate have identified  10 “tune-ups” that all can consider – when at their next pit stop, stand up or board meeting. 

Vision

1. Do you have a clearly defined Open Banking strategy with an agreed board owner?


2. Has this strategy been clearly communicated to your business, external stakeholders and partners?

Delivery

3. Has a detailed business case and delivery plan been created?


4. Are Open Banking initiatives funded by both technology and business functions? 

People

5. Do you have an ecosystem of partners and understand where they can help you achieve your strategy?


6. Do you understand developers as a customer base, know their needs, and ensure you measure your proposition against them?

Targets

7. Do your marketplace and developer/technology channels have separate P&Ls and defined revenue targets?


8. Does your Open Banking strategy have defined and measurable KPIs?

Technology

9. Does your existing infrastructure enable you to integrate with external APIs, microservices and Open Banking applications?


10. Do you have a mature DevOps capability and tooling?