How to stay competitive in the digital era? Perry Krug, principal architect at Couchbase, explores. In August 2016, the UK’s Competition and Markets Authority (CMA) claimed it was paving the way for an “open banking revolution”. If CMA’s plans go as intended, then 2018 will be a banner year for the industry, as banks take advantage of the ongoing digital revolution to become more open, more competitive and ultimately more modern. However, as with any revolution, open banking will have winners and losers. Customers will find it easier both to switch providers, and to access the data that helps them decide if, when and where to move. In turn, banks will have to be careful that a sizeable proportion of their customer base don’t have their heads turned by a more attractive proposition. Read more: bankingtech.com
