Banks and authorised deposit-taking institutions (ADIs) across Australia are subject to immense pressure to meet the deadlines for Open Banking.
This can lead to a blinkered focus on compliance to meet these deadlines, replacing a broader innovation strategy that considers potential operating models, products and value propositions that Open Banking enables. These include substantial benefits available through the development of new ecosystems, value chains and customer experiences, based on trusted customer relationships.
This paper, authored by Accenture and Salesforce, outlines our view on the challenges and opportunities presented by Open Banking. By exploring practical approaches to devising and executing new business models, products and services, it serves as a guide to help you and your organisation shape your Open Banking strategy.