What banks can learn from 17th-century Dutch traders:
Most market watchers now view Open Banking as an inevitable and accelerating structural trend. Indeed, what’s coming from this trend is akin to the 17th-century open Dutch economy. Much like the Dutch’s entrepreneurial traders, innovative banks will need to master the art of both interdependence and bilateral trade. Winners will create value from both export and import flows to secure their share of the new value being created, navigate a far more competitive market and drive tremendous growth—all at an accelerating pace.
Done correctly, banks can exploit bilateral trade to thrive in this brave new world—strengthening their customer franchises and brand, maintaining a defined culture and growing business through open collaboration with the world beyond financial services.