Gabriel Motta Gomes was Senior Consultant in the Practice Group Retail Banking. In this role, he was working on projects with a focus on Strategy & Organization.
Although Germany is known as a cash-dominated economy and the number of mobile payment transactions is still very low, especially in comparison to other countries in Europe, e.g. Sweden, more and more players are offering mobile payment solutions.
Open Banking refers to the practice of securely sharing financial data, subject to customer consent. The exchange of data between the bank and authorized third parties (such as financial institutions, fintech companies and enterprises that are not necessarily active within the financial sector at present) is enabled via so-called Application Programming Interfaces, in short “APIs”.
What will be the impact of digitalization and COVID-19 in the land of cash?
Open banking has the potential to create a self-fulfilling virtuous cycle which will result in a network effect. Who is able to become the banking platform?
See concise visualizations of facts and figures from Research & Markets, Banking, Innovation & Digital.
Analyses, articles and interviews about trends & innovation in banking delivered right to your inbox every 2 weeks
