Open banking services

As an experienced and trusted digital transformation partner for financial institutions, counting 17 of the world’s 20 larges banks among our customers, DXC offers services to help our clients maximize the value brought forth by open banking. We do it by:  

• Lending our experience and expertise. From regulatory compliance and industry trends to market specifics and customer demands, we bring our experience to the table to help our clients make the most out of open banking opportunities . 

• Leveraging strategic alliances. Our partner network spans dozens of fintech and open banking technology leaders. These partnerships allow us to offer innovative, future-proof banking solutions that power growth and enhance competitive advantage . 

• Building ecosystem connections. We help our clients transform their systems into a robust digital ecosystem. We ensure new partnerships power innovation across the value chain, drive operational excellence and transform financial experiences.  

Powered by decades of experience and unrivaled expertise in the latest technological advances, DXC’s open banking services can transform the banking and capital markets industry with: 

• Seamless integrations: We enable customers to share their account information and transaction data with peace of mind via secure open banking APIs. We also maximize interoperability among all systems involved .

• Innovative banking solutions: Our know-how supercharges financial services with state-of-the-art technology solutions. Our expertise in digital transformation enables established banks to successfully take on their digital-native fintech competitors .

• Superior customer experiences: Our data management and analytics solutions help clients meet customers’ evolving expectations more efficiently. We help clients personalize customer experiences with advanced analytics, streamline operations and remove friction.

• Robust compliance and security: Our decades-long expertise allows organizations to successfully mitigate compliance and security risks. We help clients navigate the full scope of regulatory obligations and foster customer trust with comprehensive data protections. 

Open banking solutions allow customers to benefit from more granular control over their bank account and financial data with: 

• Data sharing controls: Open banking provides customers with full control over which third parties can gain access to their financial information and how it is used (e.g., for syncing transaction data across multiple accounts).

• Transparent data use: With open banking, customers can review which data is shared and with whom, as well as how their data is processed and used, at any moment.

• Right to refuse: Customers can revoke their consent for data sharing at any point and for any reason, building trust with data providers and recipients . 

• Personalization: Advanced analytics enable truly personalized customer experiences, powering tailored financial advice and service offerings that hit the mark. 

• Secure API integration: Open banking APIs enable institutions to exchange sensitive data regarding financial accounts securely, enhancing customer trust as a result.

We advise financial institutions to do the following before embarking on the open banking journey:  

• Take stock of the technology estate. Assess its pitfalls, evaluate systems’ capacity for API integration to exchange data and modernize legacy systems if needed. Remove data silos that may stand in the way of bank account data sharing and advanced analytics.  

• Explore possibilities and constraints. Examine regulatory requirements regarding open banking, privacy and security, as well as the latest technology advances and industry trends. Stay informed on applicable regulations and trends.  

• Assess risks. Analyze all the risks that adopting open banking may entail, including regulatory, fraud and data security risks. Develop risk mitigation strategies for protecting the data shared via open banking solutions . 

• Adopt open banking best practices. These include robust data access and sharing controls for customers, a transparent consent system and strong data security measures (encryption, authentication, etc.) . 

With the help of an experienced open banking solutions provider like DXC, financial institutions can leverage open banking to: 

• Improve customer experiences: From open banking payments to hyper-personalization at scale, data sharing powered by API integration removes friction from the customer journey. 

• Offer innovative services and experiences: New data streams enable developing and deploying cutting-edge financial services and products, which can become a strategic advantage in the face of fintech competition .

• Secure a competitive advantage: With digitally mature fintechs and challenger banks competing for share of the wallet, data sharing can make for another competitive advantage in the form of superior customer experiences or innovative services.  

• Gain an additional revenue stream: Open banking partnerships, services and products pave the way for new business models and revenue opportunities, powering business growth despite inflationary pressures and evolving customer needs.