In a survey by ICT Enterprise Insights, payment issuers and acquirers were asked which top three opportunities they envisage open banking offering to their business. Account-to-account payments was a clear winner with the following opportunities also highlighted:
+ Financial aggregation for businesses on one platform
+ More consumer products on offer during the customer journey
+ Third-party products and services on offer
+ Financial aggregation for consumers on one platform
+ Digital identity services
+ More financial products available to business users such as accounting packages
+ Easier processes such as lending
Cardless payments, centralising the management of finances and the inclusion of extra products during the checkout journey are predicted to become the most popular use-cases of open banking for both consumers and businesses. Consumers are already taking advantage of payment scheduling schemes offered at checkout and open banking will make this process smoother and more straightforward. A fintech marketplace united with the world of open banking will offer additional revenue streams as well as a one-stop-shop for consumers and businesses.
There are also more innovative and less obvious ways open banking can streamline the way we do things. The smart home has become immensely popular in recent years. Voice-activated music systems, appliances which can be operated from outside the house and phone-controlled security systems are just a few features of it. Imagine a future where open banking enables a fridge to replenish its items or an appliance to order a new part for itself when it’s worn. Open banking has the capacity to advance the internet-of-things to a level where its truly useful and time-saving for consumers and businesses.