Open banking services

What EY can do for you

Maintaining a trusted open banking ecosystem requires a clear customer-centric business strategy, new business and operating models, rapid innovation cycles, flexible technology integration, enhanced security and an updated privacy and liability regime. We see open banking as a strategic opportunity for both new and established institutions – and also a strategic risk.

To address the regulatory changes and prepare for the new environment in Europe, banks are establishing transformation programs, with initial focus on meeting regulatory deadlines and delivering good customer outcomes. Banks should now be confident in complying, and put in place robust security measures, develop an understanding of liability and create compelling customer propositions.

In parallel, we observe leading European banks already moving way beyond their regulatory obligations. In search of new revenue sources  and ways to make their own platforms more appealing to end users, they are investing in premium API’s and deeply integrated partnerships with non-bank organizations, taking open banking to the next level.

Consumer uptake of open banking is expected to drive new competitive dynamics. Additionally, SME’s and Corporate banking clients are rapidly digitalizing their ways of working following the increasing amount of new digital tools available in the market to make their financial business processes more efficient and effective. New tooling and rapidly changing customer journeys thus pose a fundamental challenge for banks on how to remain relevant in this hyperconnected  and digitalized world. 

Financial services firms will therefore need to monitor these trends and review appropriateness and sustainability of ongoing business strategies. New data and payments capabilities, through open banking, have the potential to trigger industry-level digital transformation, unlocking innovation and driving competition.

Plus, financial services firms will also need to monitor these trends and review appropriateness and sustainability of ongoing business strategies. New data and payments capabilities, through open banking, have the potential to trigger industry-level digital transformation, unlocking innovation and driving competition.

Our capabilities include:

Open banking implementation roadmap & Target Operating Model: We help identify and prioritize the most important open banking use-cases, IT and organization capabilities within your organization to help realize your overall open banking strategy. This service offering is aimed towards helping your organization accelerate with quicks wins, while simultaneously building the long term roadmap.

New proposition, customer experience and service design: We have a full complement of human-centered design services that apply customer research and insight to new proposition development using a proprietary agile service design approach purpose built for open banking and financial services.

Open banking awareness and change management: Provide training and awareness programs for employees within your organization to help create a deep, organization-wide understanding of how open banking is changing the financial services sector, what the implications are for business and support functions, and how existing roles can be augmented to ensure open banking becomes an integrated part of your organization’s DNA and way of thinking.

Application program interface (API) - strategy and frame-working: Design, development and maintenance frameworks; API commercial analysis/cost recovery and pricing.

Innovation scans and FinTech lifecycle support:

• Innovation and disruptive capability scans; engagement paths assessed from vendor sourcing to investment; partnership programs from experimentation to production; measuring success; providing decision-making frameworks.
• M&A and venture capital: Lead advisory support and full suite of diligence (commercial, financial, technical) and legal services.

Regulatory and legal advisory services:

• Advisory services: For example, assessment of role requirements; evaluation of permission frameworks.
• Legal advisory services - Commercial: Advisory services such as impact analysis on commercial agreements and arrangements including contracts with third parties.
• Rules traceability: Regulatory interpretation across General Data Protection Regulation (GDPR); Competition and Markets Authority (CMA); Revised Payments Services Directive (PSD2); program articulation – build and change requirements.

EY served on the original Open Banking Working Group (OBWG) in the UK, providing policy-framing recommendations, and continues to support the Open Banking Implementation Entity (OBIE) in production of the open API standards. We have extensive experience supporting a breadth of clients from FinTechs to large multinational institutions across financial services and other sectors. EY has a global open banking innovation center to co-create, prototype and test offerings.