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Open banking
Open banking is reshaping financial services as regulators and governments seek to increase competition and choice. Customers also expect more convenience and flexible access to services, driven by broader digital experience and emerging technology.
Banking is rapidly evolving, driven by changing customer expectations and behaviors, regulatory scrutiny and emerging technologies that enable a broader variety of products and services. Within this dynamic environment, financial institutions also need to stay compliant, manage costs and maintain security and trust. Governments are also getting involved, as they look for ways to increase innovation and competition across the banking industry.
Driven by these forces, a new global banking ecosystem is emerging – open banking.
The path towards open banking varies across geographies and markets, but the goals are shared. Open banking drives improved collaboration between financial services providers, greater innovation and better products and services for customers. As open banking becomes a reality, we offer a comprehensive suite of services to help you comply, reduce risk and pursue strategic growth opportunities while helping you adapt your business, operations and technology to the new banking ecosystem.
Our team is ready to support all aspects of your open banking journey.
Our latest thinking
The Great Convergence - what financial institutions can do to get ahead
Read how FIs can gain momentum ahead of the great convergence by re-thinking their business model.
01 Apr 2024
Abhishek Sinha
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Key insight on Canadian consumer sentiment in a world of financial services choice.
01 Feb 2021
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How EY can help
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Discover how EY teams work with startup and scale-up FinTech companies and financial institutions to innovate and transform for growth.
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Our open banking professionals can help your business maintain a trusted and secure open banking ecosystem while managing its risks. Learn more.
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Our payments professionals can help your business enhance innovation, drive growth and improve performance. Find out more.
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Unlock the advantages of the digital era to harness innovation, drive operational efficiencies and grow your business.
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