Financial services advisor Enterprise Engineering (EEI) has introduced a new service to enable its clients assess their open banking readiness.

The new offering, Open Banking Readiness Assessment, is based on the company’s Improvement Opportunity Scan (IOS) methodology to achieve rapid transformational change.

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The overall approach includes a comprehensive framework using case analysis, platform and technology readiness, API integration, security & authentication and an industry peer benchmark review.

It will help the company identify a roadmap to ensure swift consumer data sharing.

The open banking readiness assessment is designed to help the clients innovate, bolster time-to-market capabilities and improve security.

It will also help the companies to better its preparations for future regulations.

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EEI Open Banking Technology head Tim Klemmer said: “The market is moving quickly to enrich customer experiences and optimize consumer loyalty, confidence and insight-driven decision making.

“This requires advanced data sharing capabilities, and to get there firms will need to ensure their customer data channels leverage industry standards around security and data privacy.”

Since 1995, EEI has been offering advisory services to the financial services industry.

The growth in open banking has opened new opportunities and challenges for the financial industry. The company works to help its clients in addressing the challenges and build competitive advantage over others.

It is a copyright holder of the Open Financial Exchange (OFX) Consortium and a member of the FS-ISAC consortiums.

EEI is also a member of the Financial Data Exchange (FDX) consortium which introduced the FDX API.