Through open banking, bank customers are able to share their financial data with third parties if they give consent to do so. For example, if a client wants to have all the information of his bank accounts in a single application, he can do it through an AISP – Account Information Service Provider. Moreover, he is also able to do payments without using one of his bank applications, that is, he can do it through a PISP – Payment Initiation Service Provider. This means that two new players (AISPs and PISPs) can leverage bank data to provide new services to their clients.

Notwithstanding the above, banks can also leverage the data that they have about their customers and build new innovation services oriented to customer experience. Based on a customer-centric strategy, banks can partnership with companies from different business areas and provide integrated end-to-end experiences that will put them at the center of the life of their customers.

These are just two examples of lifestyle banking, already implemented in some banks with success. In NTT DATA we have developed more use cases that suit this approach to Open Finance – for financial services – but also to Open Economy – for all the business areas that interact with financial services.