Tracking the business value of Open Banking

When it comes to tracking the business value of Open Banking initiatives, banks need to focus on KPIs that measure value created for both themselves and third-party service providers (TPPs).

These are the top six business-value KPIs for banks:

  • The revenue generated by each API
  • The costs of providing API services
  • The payments generated by each TPP and customer
  • The comparison of payments generated by payment-initiation service providers vs. those for traditional services
  • Successful and/or failed calls per API
  • The number of customers using APIs

To measure success on their side, TPPs should monitor these factors:

  • Revenue generated through bank APIs
  • Costs related to using API services
  • The number and value of payments generated per customer
  • Successful and/or failed calls per API
  • Monthly active users

Tracking the customer experience for Open Banking

Customer-experience KPIs are slightly different than business-value KPIs.

The top three that banks should track and measure to enable the improvement of customer journeys and tailored offerings are:

  • Monthly active users
  • Consent renewals
  • The number of TPPs used by each customer

Source: Accenture

Raj Grover

Founder - Transform Partner