There are many connotations to Open Banking and more I interact with people, we realize more variants of Open Banking. Nothing is wrong or right in context of definition. But primarily, it all depends on its application. Open Banking in simple terms should take banking where customer is…
Like SME/MSMEs use accounting software, like Zoho/Tally or many other solutions which present today in market, to manage their receivables and payables. Open banking should enable them to manage banking also from same platform.
Or hospitals manage their day to day operations from Hospital Management System- can it enable hospitals to manage their banking also from same
Or Hoteliers start managing their operations and banking both from Hotel Management system
Same goes with manufactures or large enterprises who uses full fledged ERPs like SAP or Oracle..can it handle Banking too..
This is one of application of Open Banking to build new business models. How can we create more such business models or how do we create such business models? How do we monetize from such business models… Open Banking helps to find many of these answers..
We at The Digital Fifth helps you to build business models around Open Banking and define executable Open Banking/Business Strategy .
Head of Consulting
The Digital Fifth