Publicis.Sapient believes that the new era of open banking will radically alter the bank and the relationship with its customers, opening up new opportunities and forcing new forms of collaboration. However, it also creates significant challenges for incumbent players across five core areas: Technology and infrastructure, including APIs; the data it holds, securing it and the third party sources it incorporates to augment client insights; service design and delivery; the tone, content and mechanisms for marketing and communication to clients, and; the bank brand.
Publicis.Sapient Supports Lloyds Banking Group Towards an Open Banking Future
*Note: Publicis.Sapient is now Publicis Sapient as of February 13, 2019.
March 13, 2018 — London, UK— The era of open banking has arrived, with the CMA/PSD2 driven initiative going live on 13 January 2018, further accelerating the digital business transformation occurring within the financial services ecosystem. Banks will now expose APIs for their products, their customers’ accounts to enable data sharing and allow payment initiation by trusted third parties (TPPs). The CMA/PSD2 compliance deadline in the UK represents the beginning of financial services evolution that is also being driven by changing customer expectations.
Publicis.Sapient, the world’s most advanced digital transformation company, has supported numerous clients in preparation for the open future, including Lloyds Banking Group in the UK.
The open future will see banks contend with a new breed of competitor built for a connected age that have a different level of trust and engagement. This includes neo-banks, the tech titans, as well as large scale data players such as energy providers, retailers and Telcos.
For further information and insight in to what the future of financial services could entail, visit Open Futures.