Open Banking: A Vision for Customer-Driven Data Management

It’s not clear what open banking will look like or how it will facilitate the secure sharing of financial data, but one thing is certain: It is coming, and digital banking teams must be prepared. The sharing of financial data will be most rewarding for financial institutions and consumers alike if FIs treat it as a partnership. With regulation imminent, now is the time to set a strategic vision for all things data management, not just for compliance purposes but also to fulfill customers’ evolving needs in an increasingly data-rich society. 

Javelin Strategy & Research’s framework—the “3 Cs” of Customer-Driven Data Management—lays out a strategy and vision for FIs as regulations and heightened customer expectations develop. To stand out, FIs must evolve beyond the status quo of basic compliance, empower customers with value-added capabilities within reach today, then take aim at the strategic ambition of achieving a differentiated customer-driven data management experience.

Key questions discussed in this report: 

• How can FIs prepare today for open banking tomorrow? 
• How will open banking and data-sharing regulations affect digital banking? 
• Why should digital banking strategists care about upcoming data-sharing regulations? 
• How should FIs track their progress in achieving a customer-driven data management experience? 
• Where can FIs add value to digital banking that goes beyond meeting regulatory requirements? 
• What are the best practices for data management customer experiences?

Companies Mentioned: 

Akoya, Argyle, Atomic, Bank of America, Consumer Financial Protection Bureau, JPMorgan Chase, Mint, MX, Pinwheel, Plaid, Rocket Money, U.S. Bank, Wells Fargo, Yodlee