What benefits does a marketplace strategy offer to banks?
EU-wide and UK-specific regulations will force banks to open up access to their customer data by January 2018, with the express aim of reducing the dominance of the established banks and encouraging competition and innovation. Open banking will lead to the creation of new business models, including banking as a marketplace, which both new entrants and incumbents alike can employ to improve their customer propositions.
The webinar will explain the principles of marketplace banking and why banksshould consider integrating third party products into their platforms. It will discuss the benefits for both new entrants and incumbents, and explain the risks that those using this strategy need to be aware of.
Viewers of this webinar will learn how marketplace banking can help them to create new sources of revenue, improve their product ranges, and forge partnerships with fintech innovators. They will also learn how this strategy is already being used by pioneering banks.
Open banking is happening, whether banks like it or not. They can choose to treat this as either just a compliance issue, and risk losing out to more forward-thinking providers, or they can embrace the concept and use it to improve their offerings and build stronger relationships with their customers. This webinar will show you how to turn a regulatory obligation into a positive.
Principal Retail Banking Analyst
I joined GlobalData as an analyst in 2009, specializing in issues related to the retail banking sector. The succession of banking-related events over the last few years have made this a very interesting field to work in, and I have become well-versed in subjects ranging from the prospects for new and non-traditional entrants in the sector to the future of branch banking, developments in fintech, and the introduction of open banking.