Open banking, an opportunity for banks to rethink their business model

Efma & Wavestone study

The financial sector is at a turning point in its history, and open banking is at the heart of this shift. Indeed, the platform economy is pushing banks to reconsider their model and become part of wider ecosystems. This raises the question of what path to take in this open banking journey, which is precisely the subject of the study we carried out with Efma.

This study aims to quantify the level of achievement and ambition of banks in open banking with a focus on the open distribution model. We wanted it to be very quantitative – with the participation of 50 banks from all over the world – but also to add value through qualitative insights and feedback from bank executives.