2.3 Disruption due to Open Banking

We show how Open Banking is disrupting not only payments but all other areas of finance and bankingincluding core business e.g. credit and insurance. The particular – and often forgotten – transformative impactof Open Banking on B2B is demonstrated and some best practices from around the world showcased. Thesedisruptions in B2C and B2B will cause ruptures in the relationship between banks and the customers – retailand corporate. This is good news for agile, offensive banks but bad news for banks not willing or able to change.However even for basic compliance "RegTech" and "SupTech" can help to bring down costs, reduce errors andstreamline processes