Open Banking
Embed financial services in customers' lives
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.
Creating Limitless Possibilities
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:
Grow loans and deposits
Add services to expand into niche markets
Build revenue
Generate fees and revenue share from Fintechs
Accelerate digital transformation
Gain the agility to respond quickly to digital innovations
Appeal to mobile-first customers
Offer new tools and streamline the journey
Pursue new business models
Partner with popular apps to reach beyond banking channels
Open Banking Pushes the Limits of Financial Services
Banks that seize the opportunity to work with Fintechs and challenge “the way banking is done” can adapt and thrive in a changing world.
Thinking Differently About Fintechs
Tap into their potential with the cloud, open APIs and real-time data
The Fiserv Strategy for Open Banking
Create space for connection
Leverage data
Develop open APIs
Launch app marketplace
Helping Banks Move Forward and Move Fast
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:
- Developer workspace: We’re giving Fintechs access to open APIs, enabling them to create and integrate new concepts in a secure developer workspace
- Solutions marketplace: Financial institutions can explore and purchase innovative Fintech products pre-integrated into Fiserv solutions
- Open banking platform: Banks can use a hosted platform to partner directly with Fintechs – delivering financial services as features within the apps and channels consumers use in everyday life
Synchrony Financial Recognized
Using open banking, Synchrony Financial underwent an incredible transformation and was awarded a 2019 Model Bank Award from Celent
Have a question for us?
For more information about how Fiserv can support your open banking strategy, call us at 800-872-7882 or click below.
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