The IFZ Study 2022

Open Banking needs an open mindset

Open banking is an underestimated driver in the financial industry, so the Lucerne University of Applied Sciences and Arts took up the topic for the IFZ study. Banks have to deal with it from an IT perspective because Open Banking is more than open APIs. With Open Banking, fundamental changes are coming to IT. The study contributes to grasping the topic holistically. We are pleased to have been able to contribute.

The IFZ Open Banking Study 2022 has led to three fundamental findings:

  1. Changes in banking do not depend on open banking alone. We have to consider it in the context of other developments, such as the use of the cloud or artificial intelligence and data analytics.

  2. Open banking is seen purely as an IT problem rather than a strategic challenge.

  3. The focus is placed too quickly on APIs. However, fundamental changes are coming to banking informatics with Open Banking.

“Open Banking is currently still underestimated in the financial industry because it is primarily understood as an IT problem and not a strategic challenge. In addition, the industry focuses too much on APIs and overlooks the fundamental changes in banking informatics that result from this development. The crucial point is that the financial industry can only exploit the opportunities of open banking with an open mindset. Note that other developments such as cloud services or artificial intelligence are also contributing to the change and require banks to adapt. We sincerely thank Netcetera and the other sponsors for the valuable inputs and support that made our research work possible.”

Dr. Urs Blattmann, Lecturer and Project Manager Lucerne University of Applied Sciences and Arts - Business Administration

Fundamental strategic and technical changes

Open Banking leads to fundamental changes on the strategic level as well as on the IT technical level. Creating an open mindset is the most important strategic challenge for financial institutions. What role will their institution still play in the future within the increasingly split value chain framework - also from a customer perspective? How can the splitting of the core banking system be driven forward? What are forms of cooperation geared to customer needs and lead to real win-win situations?

Financial institutions will have to answer these and other questions with an open mindset to prepare for the future. Netcetera has long been committed to open systems and standards in various industries. Therefore, rely on our 25+ years of experience in the financial sector for sustainable and future-proof development of your business.

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