Focus on Open Banking
New regulations at EC and UK level are changing the competitive environment for retail banking across Europe. The language of market-watchers and regulators of financial services has changed. Once there were concerns about ‘branch networks’, ‘challenger banks’, ‘financial illiteracy’ and ‘transparent APRs’. Now there is talk of ‘data standards’, ‘third party access’, ‘user experience’ and ‘APIs’.
We help our financial services clients navigate those changes, and make the most of the opportunities. Our work has helped financial services providers from large retail banks to new fintechs answer critical questions such as:
- What are the biggest risks and opportunities to our business model from open banking?;
- Who will be our future competitors and how can we win?
- How will our customers behave in an open banking world?
- Which new capabilities and assets do we need to succeed?
- How should we change our regulatory processes to comply with new rules?
Some of the notable issues we’ve worked on recently include:
- income and P&L risk analysis,
- business model adaptation,
- payment propositions, and
- liability frameworks.