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The Force Behind Open Banking

Blog: Capgemini CTO Blog

The Global Open Banking Hackathon is calling all innovators and participants from around the world. The concept of customer centricity has changed significantly and this hackathon provides a forum for innovators to actively drive the conversation forward. Check it out if you haven’t already.

Why? Because today it’s no longer sufficient to focus on “our” customers and on providing great products and service. In a connected, digital business world, it is also important to focus on “the” customer and what they care about and interact with beyond our own products and services.

Think about it, we are moving from having our financial information handy when we need it to making our financial information handy when others need it. This alone has opened up a world of possibilities. However, this transition is just the beginning. Making information available to everyone is not enough because it still leaves our customers with a lot of noise to plow through.

Instead, being customer centric now implies that someone, somewhere—including our bank—is matching our goals and aspirations with products and services to make our lives better. This could mean filing taxes more easily, saving a little of what we spend every day, getting proactive advice on how to make our money work better for us, selecting a new account only when we need it, making sure our bills are accurate and our shopping less wasteful, creating better vacations, ordering ahead, getting exclusive concert tickets—and so forth in the expanding universe of diverse customer-centric definitions.

In other words, just like The Force, being customer centric is about the emergence of modern and connected customer experience ecosystems. These can be powered, not just enabled, by Open Banking if financial services providers manage to orchestrate these modern experiences. I believe that traditional industry boundaries have blurred enough for this evolution to become natural and vital—and that was also the focus of Connected! And Dancing The Digital Tune.

Through December 10 (coding weekend is December 8–10), the Global Open Banking Hackathon will bring together participants from all over the world to attempt just that—building modern customer experiences powered by Open Banking that are limited only by our imagination. Check out the hackathon here and help spread the word to those you think might benefit from it. Don’t forget to share your thoughts!

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