WFTR 2019 shows the transition from Open Banking to Open X
Posted: Thu Jul 10, 2025 5:49 am
The 2019 edition of the World FinTech Report, published by Capgemini and Efma , finds that while Open Banking is not yet mature, the financial services industry is entering a new phase of innovation – called “ Open X ” – that will require deeper collaboration and specialization.
The report argues that banks and other players in the financial services ecosystem must begin planning their strategies and evolving their business models based on this shift.
The WFTR 2019 identifies a two-fold challenge: on the one hand, FinTechs are struggling to scale their operations, and on the other, collaboration between banks and FinTechs buy bulk sms service is stalling . As a result, industry players are looking to move beyond Open Banking and toward Open X, a more effective and structured form of collaboration facilitated by standardized Application Program Interfaces (APIs) and shared insights into customer data. The Open X era will create an integrated marketplace , with specialized roles for each player, enabling the seamless exchange of data and services, improving the customer experience and accelerating product innovation.
Open X will transform industry rules and assumptions
The advent of Open X is driven by four fundamental changes:
The shift from a focus on products to an emphasis on customer experience;
The evolution of data that transforms into a strategic asset;
Shifting from a focus on ownership to facilitating shared access;
Focus on partnerships to innovate rather than acquire or build new solutions.
Open X will lead the financial services industry towards a shared ecosystem or marketplace, in which a new aggregation of products and services can be reintroduced, and in which both banks and FinTechs can reevaluate their innovation and customer service strategies.
The report argues that banks and other players in the financial services ecosystem must begin planning their strategies and evolving their business models based on this shift.
The WFTR 2019 identifies a two-fold challenge: on the one hand, FinTechs are struggling to scale their operations, and on the other, collaboration between banks and FinTechs buy bulk sms service is stalling . As a result, industry players are looking to move beyond Open Banking and toward Open X, a more effective and structured form of collaboration facilitated by standardized Application Program Interfaces (APIs) and shared insights into customer data. The Open X era will create an integrated marketplace , with specialized roles for each player, enabling the seamless exchange of data and services, improving the customer experience and accelerating product innovation.
Open X will transform industry rules and assumptions
The advent of Open X is driven by four fundamental changes:
The shift from a focus on products to an emphasis on customer experience;
The evolution of data that transforms into a strategic asset;
Shifting from a focus on ownership to facilitating shared access;
Focus on partnerships to innovate rather than acquire or build new solutions.
Open X will lead the financial services industry towards a shared ecosystem or marketplace, in which a new aggregation of products and services can be reintroduced, and in which both banks and FinTechs can reevaluate their innovation and customer service strategies.