Open Banking will change the way that consumers interact with their financial data in 2018, giving them greater flexibility and choice. This will usher in a whole new wave of financial service providers; offering better, more personalised deals to consumers in a bid to win market share from traditional banks.
As a result, banks will have to re-evaluate how they differentiate themselves; creating new digital services of their own using the data being exposed by other financial services providers.
Go deeper with GlobalData
As they pursue this new type of innovation in the coming year, banks will need to remember that there won’t be any margin for error. Given the multitude of choice that didn’t exist before, the second that consumers become dissatisfied, they’ll simply switch to something else that offers a better experience.
As such, banks will need the ability to monitor the experience of every customer during every transaction more than ever in 2018. Without that, it will be impossible for banks to optimise their new digital services. It will also be very difficult to prove they aren’t at fault for any issues with the services of other providers that are relying on them to deliver their own services through open banking APIs.
Unfortunately, open banking will also add significant layers of complexity to an already complicated digital ecosystem. It will create a multitude of new IT dependencies, spanning internal applications and infrastructure, as well as those of other financial service providers that lie upstream or downstream in the delivery chain.
As a result, it will become increasingly difficult for banks to manage the quality of their customer experience and identify the root cause of any problems that arise using traditional, manual approaches to application performance monitoring. We’ll therefore likely see an increasing use of solutions that offer Artificial Intelligence and advanced automation capabilities to ease the burden on IT teams in 2018.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataPieter van Heck is Manager EMEA, at Dynatrace
