The future of banking is open: How to seize the Open Banking opportunity - film series

View our series of expert films below on key areas to consider for Open Banking and, for full details, please download our report.

Open Banking research overview

Jonathan Turner talks to Isabelle Jenkins about the key themes arising from our research with UK consumers and SMEs.

Are customers really ready to embrace Open Banking? What’s the value of the market opportunity? Who are going to be the winners? Does your organisation have what it takes to compete?

Open banking is here and the opportunity is significant. Consumers and SMEs stand to gain from improved control over their data, in exchange for valuable new products and insights. There is reticence, relating to perceived increase in security risk. This is not to be underestimated. Position your organisation well in this new market and you will be able to make the most of the opportunities open banking creates. Stand still and the market will move on. Consider your next steps carefully.

Contact Isabelle Jenkins

Contact Jonathan Turner

 

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Strategy and business model

What will your value proposition be and what market leading capabilities will you use to compete?

Martin Roets talks about the impact of Open Banking on your organisation’s strategy.

What new choices will you need to make about your future strategic direction? What will a successful participant in the Open Banking market look like? How will they be structured? How will they respond effectively to challengers in this space?

To succeed in the Open Banking environment, organisations will need to respond effectively to these disruptive forces, carving a new route through the landscape. The target market is large and there will be new entrants and existing operators evolving. The future of banking is open and the outcomes uncertain. Those that take stock now stand to deliver the best outcomes, for both their own organisations and their customers.

If you choose to act now, download the report.

Contact Martin Roets

 

 

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Customer centricity

How can you build customer-centric propositions and operations?

Will Stevns talks about his expectations of customer responses to open banking and the opportunities this presents.

Will customers adopt new services and at what rate? What level of awareness exists in the market? What will be the relative take up from SMEs versus consumers? How do the short and long term opportunities stack up?

Our research across SME and consumer audiences shows a marked contrast in expected uptake rates and willingness to share data. This has significant implications for the new products and propositions you should invest time and funds in over the short and longer term.

If you want to find out what this means for your business, download the report.

Contact Will Stevns

 

 

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Deals and structure

How can partnerships, restructuring and deals help you stay ahead of the market?

Mike Magee talks about the implications of Open Banking for your business model and future strategy.
In the world of Open Banking, what will your organisation be famous for? What does Open Banking mean for your market and business structure?

It’s early days and the right time to be asking such questions. New entrants, large and small, consolidations and restructuring will all form part of the ‘Darwinian’ reshaping of the retail banking market. Those who are making the most of this opportunity are taking time now to consider their future and consolidate their current position, in order to take advantage of the right deal opportunities as they arise. Are you in shape to make the right next move?

Download the report to read more about our research.

Contact Mike Magee

 

 

 

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Data management and analytics

How can your organisation’s data be ready to seize the Open Banking opportunity?

Tayyaba Arif explains how data is key to Open Banking on many levels and absolutely critical in unlocking the market opportunity estimated at £7 billion by 2022.

Your organisation’s ability to develop new products will be dependent on the quality of your data and your ability to interrogate that data. As products become more customer centric and diversified, data consistency across multiple sources will be critical. Accurate data is also key to developing AI driven solutions that will enhance the customer experience.  

Download the report to read more about our findings.

Contact Tayyaba Arif

 

 

 

 

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Technology

How do you build a modern, agile technology platform that rapidly integrates and adopts systems?

John Lyons talks about the technology implications of Open Banking for your business.

How will you modernise IT and embrace digital tools to make the most of Open Banking? Is customer technology part of your long-term business strategy?

The rise of Open banking means a fundamental shift in the way we view technology. No longer merely an enabler, a strategic approach to technology is now coming to the top of the board agenda. Our consumer survey reports the significance of technology in developing and maintaining trusted relationships with retail banks. It’s time to think about the strategic next steps for your business in this new light.

Download the report to read more about our findings.

Contact John Lyons

 

 

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Tax

How can you understand the tax opportunities and implications?

Do you know how Open Banking will impact your small business customers? How will SMEs take advantage of Open Banking in the context of making tax digital?

This may not be the first area you’d think of when considering Open Banking implications. However, of the many potential use cases, this is something to be taken quite seriously and quite soon.

Our research shows a strong propensity for uptake of Open Banking within the SME population. This represents a real opportunity for providers to step in with solutions to support not only visibility of but also, in light of HMRC ‘making tax digital’, reporting of, tax liabilities.

Businesses that understand the nature of their role in making this possible will be at a real advantage in attracting SMEs as well as early adopting individual consumers.

Download the report to read more about our research.

Contact Sarah Prior

 

 

 

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Cyber security

How can you identify, detect, protect and respond to threats?

Michael Roberts talks about cyber security in the Open Banking landscape.

What is the relationship between security perceptions and consumer uptake? How do banks need to think about cyber security in this new environment of greater connectivity? Is this an opportunity for your business?

Our research with consumer and SME audiences shows a significant relationship between uptake and the perceived cyber security threat. A longer term tipping point will come where consumers see sufficient value in new services to outweigh security concerns. In the shorter term, firms that offer both security and value will be well positioned to support early adopters. And all organisations will need to reassess their security provisions in light of the new operating environment.

If you want to find out what this means for your business, download the report.

Contact Michael Roberts

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Fraud

How will you protect customers from fraud?

Jeremy Davey talks about fraud strategies and controls in the world of Open Banking.

What's the impact of Open Banking on your fraud strategies and controls? How do you authenticate customers effectively in the Open Banking environment? Is the Open Banking opportunity equally great for criminals as for legitimate business?

Opening up new data flows in the Open Banking environment, while offering great opportunities for customers and banks, inevitably also raises new challenges in terms of keeping that data safe from wilful harm. And this also has scope to underpin, even more significantly than in the past, customers’ trust in banking organisations. What steps do you need to take now to ensure you’re existing processes are fit for purpose? Or to put in new, more relevant controls? It is clearly time to act.

To read more about this and other implications of Open Banking, download our full report.

Contact Jeremy Davey

 

 

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Risk and regulation

How do you achieve full compliance in a rapidly changing environment?

Martin Sandler talks about what the regulator expects of you in the operation of Open Banking.

What new regulatory obligations exist, and for whom? Are your security and fraud prevention controls ready for the new world of Open Banking?

Open Banking allows customer data, previously held by one organisation for themselves alone, to be used innovatively for the customer to improve their experience. In doing so, it creates new data flows and two new definitions of entity, with associated FCA regulations. The range of potential uses is yet to be fully explored, or imagined, but the risks are evident today. Your obligations to mitigate these risks, and to be transparent in customers’ consent around these, are clearly outlined by the regulator.

Download the report to read more about how you can respond.

Contact Martin Sandler

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Contact us

Jonathan Turner

Jonathan Turner

Partner, PwC United Kingdom

Tel: +44 (0) 7739 591 553

Martin Roets

Martin Roets

Director, PwC United Kingdom

Tel: (+44) 7900 163394

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