Over the last year, the 9 largest UK banks have worked hard to implement the Open Banking standard and make selected services available through Open APIs. The cultural, organisational and technical obstacles to overcome cannot be overstated. As the remaining UK banks formulate their response to Open Banking, it’s time to consider the lessons learnt from the first adopters and to remember that being compliant with the Competition and Markets Authority (CMA) order, is a condition necessary but not sufficient to ensure competitiveness in the long run.
The adoption of the Open Banking standard will be just the first step on a much longer journey, and ignoring the disintermediation and maturity aspects inherent to this new ecosystem may have profound implications for business model profitability, and even viability.
CGI’s Open Finance offering provides an accelerator for the digital transformation of the financial sector, bringing the ability to integrate traditional organisations and FinTechs into new offerings for their clients. Our Open Finance platform offers integration both externally, using our third party enrolment portal, and internally using our API orchestration service allowing organisations in the financial sector to drive towards a flexible platform strategy while leveraging their existing systems and services.