Open banking is an important strategy for financial institutions to compete and grow. Banks can collaborate with Fintechs to deliver services as features within innovative distribution channels, create unique value propositions and differentiate through personalized digital experiences.
Open banking enables financial institutions to use the wealth of data at their disposal to be truly innovative – launching new partnerships, new ways of engaging customers and new revenue opportunities.
By collaborating with Fintechs and openly sharing banking data with them, financial institutions can:
Add services to expand into niche markets
Generate fees and revenue share from Fintechs
Gain the agility to respond quickly to digital innovations
Offer new tools and streamline the journey
Partner with popular apps to reach beyond banking channels
Banks that seize the opportunity to work with Fintechs and challenge “the way banking is done” can adapt and thrive in a changing world.
To support financial institutions’ open banking strategies, Fiserv is opening our APIs to third parties using lightweight microservices and industry-leading cloud services.
Financial institutions can use our open banking toolset to move ahead with innovative and profitable initiatives: