Figuring out your Open Banking Strategy
summary
Research since 2016 interviews over 100 stakeholders and finds concrete frictions: incumbent banks keep siloed IT and treat customer data as “biohazard,” delaying open APIs and curating platforms to favor white‑label partners; challengers attract users but suffer outages (each major challenger down >24 hours at least twice in two years) and fail to get customers’ primary deposits; fintechs wait up to six months for bank contracts and burn cash; consequence is growing opportunity for Amazon/Google to capture banking.
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chapters (21)
- 0:00Introduction
- 2:02Platform Business Models
- 5:37Reducing Transaction Costs
- 6:51Network Externalities
- 7:49Platform Business Model
- 8:31Economies of Scale
- 9:54Why Open Banking
- 11:21Platform Formation
- 11:42Platform Outsourcing
- 12:23How do challenger banks build a platform
- 13:06The challenge for incumbent banks
- 15:02Bringing competitors onto their platforms
- 15:39Competing with fintechs
- 16:17Risks for fintechs
- 17:15Challenger banks
- 17:48Brand
- 18:17Risks
- 19:19Solutions
- 20:15Challenges
- 21:04Musical Chairs
- 21:26Questions
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