Senior bank executives are starting to understand that Open Banking will have key implications on their future competitive positioning and related digital transformation activities. We define Open Banking as a business approach in which value creation results from sharing, providing and leveraging access to bank resources through application programming interfaces (APIs). This way data, processes and other business capabilities of banks are made available to an ecosystem of (selected) third parties (e.g. fintechs, technology vendors, corporate customers).
The word “gig” comes from musical jargon and refers to a performance by a musical group. When applied to the working world, the concept refers to sporadic jobs of limited duration. The person hired to do the job is responsible for fulfilling a specific role within a project.