The introduction of open banking has a pivotal role in thriving banking ecosystems. And the collaboration in open banking will benefit everyone starting from traditional banks, fintech firms, to big tech titans in upscaling their services. However, this also reveals some disturbing realities. The first is that the banks should acknowledge they don’t own the ecosystem. They are participants, they help provide a healthy environment for innovators, and they can even slaughter it. The vital element to the ecosystem –data–is no longer theirs.
Banks will be a piece of the environment, regardless of whether they are dynamic (and positive) member or not. Banks that endeavor to the new banking ecosystem focus on several elements such as choosing the environment that can be controlled and organizations they think they should collaborate for new services. The co-work can bring mutual advantage as both the parties can bring mutual advantage through pursuing new growth opportunities. Success will originate from the acumen to bring new ideas and then collaborate effectively.