EU-wide and UK-specific regulations will force banks to open up access to their customer data by January 2018. This will have profound implications for both incumbent providers and the new entrants seeking to challenge their dominance. Open banking will lead to the creation of new business models, including banking as a marketplace. Here, a bank integrates third-party services into its own platform, effectively turning itself into a portal, or marketplace, where consumers can access products from across the market in one place. This model has obvious advantages for new entrants that lack the resources to develop a full range of in-house products, and it will allow them to mount a credible challenge to established providers more quickly and cheaply than could otherwise be achieved.
Request for Sample at @ https://www.marketstudyreport.com/request-a-sample/132468/?utm_source=WP-AN
The CMA has set a deadline of January 13, 2018 for implementing open access to data
In February 2017, the CMA published its Retail Banking Market Investigation Order. This set out the full list of remedies banks need to adopt in order to comply with the final report of its retail banking market investigation, together with a timetable for implementation. In particular, it states that by January 13, 2018 banks must satisfy the following requirements:
“Providers must make up to date personal current account and business current account transaction data sets continuously available without charge, for:
- read access in accordance with the relevant provisions of the Read/Write Data Standard; and
• write access in accordance with the relevant provisions of the Read/Write Data Standard.”
Banking as a Marketplace: Opportunities and Threats” report explores the opportunities and advantages offered by the marketplace banking model for both new entrants and incumbents. This report is based on interviews with industry figures and secondary research.
EU-wide and UK-specific regulations will force banks to open up access to their customer data by January 2018. Open banking will lead to the creation of new business models, including banking as a marketplace. Here, a bank integrates third-party services into its own platform, effectively turning itself into a portal, or marketplace, where consumers can access products from across the market in one place.
The report offers insight into –
– The status of regulatory developments that are driving open banking initiatives in the UK and Europe.
– The advantages of marketplace banking with respect to revenue generation, product provision, and alliances with fintech providers.
– The key risk factors banks need to consider when adopting a marketplace strategy.
– Marketplace banking will lead to higher revenues. Not only will banks gain from charging access fees to partners, they will also be able to share the revenues from the sale of partner products. They can also access data generated by their partners to identify new opportunities for targeted cross-selling.
– Established banks can use a marketplace strategy to harness the expertize of fintech specialists and improve the weakest offerings in their product ranges in a cost-effective manner.
– Marketplace practitioners need to guard against the risks associated with sharing customer data with third parties. They also need to minimize loss of control over product development by collaborating with partners to co-create products, rather than passively integrating off-the-peg products.
Request a Discount copy @ https://www.marketstudyreport.com/check-for-discount/132468/
Reasons to buy
– Learn about the competitive and strategic advantages marketplace banking can offer providers
– Understand what potential risks and drawbacks are associated with this model
– Discover how banks in the UK and Europe are already implementing marketplace strategies and what they are aiming to achieve.
For More Info on Market Research @ http://www.openpr.com/news/archive/144590/marketstudyreport-com.html
Related Reports: –
Global Mobile Payment Technology Market Size, Status and Forecast 2022
This report studies the global Mobile Payment Technology market, analyzes and researches the Mobile Payment Technology development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market
Centralize market research purchases across your entire organization in one place.Marketstudyreport.com allows you to manage and control all corporate research purchases to consolidate billing and vendor management. You can eliminate duplicate purchases and customize your content and license management.
Market Study Report
The Green Suite #4594,
Dover, DE 19901
US Toll Free: 1-866-764-2150