The Glenbrook^TM team applies our 3C’s framework to help develop, test, and confirm hypotheses related to the implications of open banking to your organization:

• Control – Open banking, when applied, allows consumers to own their data, have the authority to grant permission to third parties to access that data, know where their data is being used, and have the ability to revoke permission at any time.
  
• Competition – Open banking increases competition on multiple fronts. Breaking the former monopoly on customer data, third party providers can create innovative products and services that challenge financial institutions as well as other providers. Furthermore, by reducing the burden associated with switching banks, consumers can more easily move and add accounts, forcing financial institutions to compete to attract and keep customers by providing the best experience.
• Choice – Building on the tenets of control and competition, open access to customer data creates a foundation for innovation, which in turn gives consumers more choice when it comes to the financial products and services they use.

 Example engagements include:

• We helped a major banking client shifting to an open banking posture prioritize its API offerings and understand the implications of their strategy.
• The digital platform team at a global bank engaged the Glenbrook^TM team to perform country-specific research to inform its Open Banking API strategy.
• We conducted an industry scan to inform a global payments network about the emerging open banking trend and to provide strategic guidance on how to respond.

Look to our workshops and webinars to help you understand the fundamentals of open banking and the implications to security, competition, and your organization.