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The future is open — for business

The future is open

Exploring the next wave of openness within banking

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John Armstrong

National Industry Leader, Financial Services

KPMG in Canada

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The future of banking is being reshaped today by a new wave of openness – from open banking to open platforms to open alliances and partnerships. Openness introduces more transparency, greater accessibility, better collaboration, fewer constraints. What does openness mean for banks?

Banks today face profound industry challenges driven by evolving customer expectations, digital challengers and increasing regulation scrutiny. We believe the future is open with opportunities for banks to embrace – from open banking and digital platform models, to artificial intelligence, risk, and payments modernization. By embracing this new wave of openness, banks can:

  • make way for new sources of innovation
  • establish profitable alliances with fintechs reduce costs and increase both flexibility and speed to market with mass migration to the cloud
  • assume new roles in the value chain
  • take advantage of open architectures, increasing efficiency and enhancing the customer experience

Contact us to discuss how your organization can benefit from an open future. Let’s do this.

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