Open banking and digital transformation both recognise the importance of thedata economy and the opportunities it provides for all market participants — from established banks to alternative payment providers, and from softwaredevelopers to end consumers. Banks’ success will be dependent on balancing

reinforced security with a seamless user experience.

Therefore, digital identity and intelligence-based authentication should be at the heart of institutions’ open banking plans, digital transformation e orts and threat detection strategies. By using and analysing the data generated by open and digital banking, institutions will not only ensure regulatory compliance but will also help build more innovative and personalised payment and banking services, signalling a robust approach to security and guaranteeing a better user experience. Banks can build a more holistic view of the customer based on data from the beginning through the lifetime of the customer journey. The pillars of customer experience, the economy of data and the business opportunity can be brought together to improve the outcome for all concerned.