The Banking Executive Magazine - Issue 150, June 2021

Open Banking ADOPTION MODELS Various elements for successful adoption of open banking can be identified. These include: • roles and responsibilities • governance and the way of work- ing • data and metrics • culture • Tools and Processes • IT Assets • Capital • People and Organisation Each bank can effectively adopt open banking by making adjust- ments to these elements. Moreover, banks will need to constantly review and refine their ongoing responses to changing open banking circum- stances. ISSUE 150 JUNE 2021 the BANKING EXECUTIVE 15 Figure 6. Efforts undertaken by banks throughout their open banking journey Source: INNOPAY Open Banking Monitor Results (May 2020) Figure 7. Elements for successful adoption of open banking Source: INNOPAY ANALYSIS, Crosslinx Framework