Open Banking in the post-digital era

With so much going on, it’s easy to forget that open banking is just part of a bigger picture. A new report, Accenture Technology Vision 2019, offers some interesting insights into some of the trends shaping this broader ‘post-digital era’.

The report talks about moving on from a world where individual companies offer hyper-personalisation and on-demand, to a world where “there are more digital ecosystems and more potential partners to help companies create holistic experiences”. And post-digital companies will be looking to change the market itself – in part by competing and co-operating across industry lines.

It’s quite a step on from the current state of play in open banking. We’re not in the post-digital world yet, and most financial services institutions will probably feel they’ve got more than enough on their plates already. But it’s a useful reminder of the scale of the disruption that is coming, and the benefits of being ahead of the curve.

There’s plenty more in the report for those involved with open banking to look at. Of the five trends Accenture identifies, two stand out.

Get to know me’ starts off with an illustration of how new approaches are helping boost financial inclusion. This section also takes a good look at how far the personalisation of customer experience can go, building trust without becoming creepy.

'Secure us to secure me' offers a new perspective on thinking about security for the whole ecosystem. Again, very open banking – what happens when it’s not just you being attacked, but other organisations that you share data with?

The whole report makes for a thought-provoking read. Accenture’s own estimate of a 20 minute read may be a bit on the optimistic side, but it’s worth finding the time for.


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