Framtida affärsmöjligheter med Open Banking

Sammanfattning: The banking industry is getting more data driven and one of the main drivers of this is the Open Banking phenomenon. Open Banking allows account holders to digitally transfer their banking data from their bank to third party companies, it also allows third party companies to initiate payments on behalf of an account holder. Open Banking has been growing in importance in recent years and creates new opportunities for incumbent banks as well as fintech companies. It is also a key driver in changing the landscape of the banking market to a more data driven and digital market. This master thesis examines how Open Banking is used today, which trends it facilitates and how Open Banking will change the banking services consumers are offered in the future. Furthermore, the report investigates how Open Banking will affect the Swedish banking market. Based on the results of the conducted research the authors proposed three models. One model illustrating the banking landscape today, one illustrating the banking landscape in the future and one illustrating the data flows in the future banking landscape. The proposed models and findings were then applied in a case study of Handelsbanken. In the report the authors conclude that Open Banking significantly lowers the entry barriers into banks’ traditional value chains. This will result in increased competition for banks as more companies enter these value chains. In addition, banking services are going through a commoditization. Due to this companies in these value chains will have to find ways to differentiate their offers or compete by focusing on becoming experts at providing a specific service in the value chain. The competition on the future banking market will therefore take the form of competition between value chain networks rather than competition between traditional linear value chains. For consumers the increased exchange of data in the market means that there will be better services for comparing and easily switching banking products. Open Banking also makes it easier for companies to integrate and embed banking solutions in their existing digital channels. This means that any company can offer banking products in their channels resulting in that consumer will be exposed to banking services in many more channels than today. Finally, as the market becomes more data driven, data asymmetries between different companies will play a growing role in their ability to compete. In the case study of Handelsbanken the authors recognize that it is important for Handelsbanken to differentiate their products and structure them in such a way that it is difficult for consumers to smoothly switch from Handelsbanken’s products to competitors’. Handelsbanken can also consider becoming a “mix-solution” meaning that they offer both their own products and products delivered by other companies in Handelsbanken’s channels. If they choose to do this, they need to be careful with which product providers they partner with so that the products provided through Handelsbanken’s channels maintain a high quality and Handelsbanken’s brand retains its strength. Finally, Handelsbanken should consider offering their services as embedded or integrated solutions to companies involved in the customer journeys of large purchases, such as homes or cars.