What does AKB require to provide business applications and self-service processes to customers and suppliers? Open Banking Thesis (OBT)
This thesis examines today's Open Banking era in Europe and CH. The Payment Service Directive (PSD) and the international standard ISO 20022 are applied to CH with the objective to harmonise payment processes. PSD2 has brought about a banking ecosystem to which banks are adapting.
Richner Dominic, 2020
Bachelor Thesis, Aargauische Kantonalbank
Betreuende Dozierende: Barbara Thönssen
Keywords: Aargauische Kantonalbank, Open Banking, PSD2, banking ecosystem, fintech companies, FinTech
Open Banking increases both threats as well as opportunities for banks in Switzerland and Europe. There is a development from a closed classical banking system towards an Open Banking ecosystem. In a worst case scenario, banks could be placed more in the background as mere infrastructure providers and fintech companies and price-comparison websites might start taking over traditional banking services. AKB has identified this development of evolving banking ecosystems and would like to prepare for necessary steps to compete successfully in it.
In a first step, research is performed in form of a literature review. In the second step, research is performed in form of seven interviews that were conducted with one internal interview partner from the Aargauische Kantonalbank (AKB) and seven interview partners external to AKB. An online survey is conducted at FHNW with two study programs from Olten. To gain insights about the as-is and to-be situation at AKB, a workshop is realised. Scenarios are presented and recommendations made. Overall, the design science research paradigm is applied.
The literature review describes how the first Payment Service Directive is effective in Switzerland and deals with the harmonisation of transfers, notifications & account statements, pay-in slips, debits. The second Payment Service Directive (PSD2) has enlarged the scope to all incoming and outgoing payments of all currencies and introduced new services. Furthermore the XS2A paragraph declares that banks need to provide access to accounts interfaces. The expert interviews give a reflection on the subject matter of Open Banking and gives insight into best practices (unified standards, secure handling of data and control and transparency of customer data from the point of view of the customer) as well as requirements of Open Banking (strategy, business cases, legal framework, IT requirements and partner management). The online survey results provide insights into customers' expectations e.g. that people value ease of use of apps and portals, banking products to a bargaining price and prompt financial service. An ecosystem solution, the mapping of customer journeys, a partner contract and the further pursuit of workshop results are recommended.
Studiengang: Business Information Technology (Bachelor)
Fachbereich der Arbeit: Accounting, Banking, Controlling and Finance