backarrowBack to Overview

How banks can profit from Open Banking

5 Min Read
21.12.2021
Published by
Lior Leibovich
Lior Leibovich

The Open Banking train is gaining momentum, with new participants jumping on board all the time. The driver of this success is bLink, the Swiss Open Banking platform of SIX Group. At the beginning of November, bLink again announced four new partners in its ecosystem: the accounting tool bexio, SwissSalary, Counteo and LIMMOBI.

But how can banks participate in this growth story? There’s a lot to be said for getting started with a next-gen multibanking offering. In this blog post, we explain what makes bLink-based multibanking the perfect gateway to Open Banking. 

How banks are shaping the future of Open Banking through next-gen multibanking: click here to read Contovista’s in-depth white paper

Open Finance for Switzerland

Ever since SIX launched the bLink platform for business banking in 2020, a modern, sophisticated API has been available for the Swiss financial center. Major banks such as UBS, CS, ZKB, SGKB and third-party providers such as Bexio and Klara are already on board. Thanks to bLink, the question is no longer whether Open Banking will become mainstream; it’s simply a matter of how long it will take. And, of course, how banks can stand out from their competitors by getting involved at an early stage and gaining an early mover advantage.

However, there is also a concise answer to this. A multibanking offering for business customers is the ideal strategic lever to enable you to position yourself successfully for Open Banking today. With Contovista's bLink-based multibanking module, banks can provide a superior customer experience and meet the specific needs of the SME target group. The seamless overview of all accounts saves time and facilitates business processes. For banks, multibanking also opens up new potential for consulting and cross-selling.

What makes bLink the pioneer for Open Banking in Switzerland? Discover how the new world of the API economy works in business banking in our free white paper.


Multibanking as a Central Enabler

 

The continuous growth of the bLink platform thanks to new participants demonstrates the significant digital pressure placed on established banks. An increasing number of business customers, especially from the underserved SME sector, are using offerings where third-party providers deliver value-added services based on account data. This threatens to drive these customers away from previous channels such as their main bank’s e-banking. Neo-banks or banking services from the big tech groups are also providing growing competition.

How does multibanking help here? At first glance, it may seem paradoxical to counter the threat posed by Open Finance by opening up your customer data. That’s not the case, however, as multibanking enables banks to position themselves as the central partner for their business customers’ journey into the new world of (Open) Banking.

With Contovista Multibanking, banks do not only pass on their data to third parties, but use it to open up new sources of revenue.
Lior Leibovich, Senior Product Manager at Contovista

Since customers can also manage their relationships with third-party banks in the bank’s financial cockpit, there is less and less need to log into them at all. By providing their own customer-centric Open Banking offerings, banks are now moving from being a mere “data provider” for FinTechs to becoming a player that also reaps the benefits of the new paradigm. The bLink platform enables institutions to take on the role of both service user and service provider.

Infographics-01_EN-3

Open for the Future: Open Banking with bLink

 

It’s no coincidence that Contovista relies on the bLink platform for multibanking. After all, it ensures connectivity to the constantly growing ecosystem and thus the desired economies of scale offered by the platform economy. The basis for this is bLink’s platform for standardised interfaces, which enables the powerful functions of account information services and payment deposit services. As a result, unlimited new partnerships can be created, while new products and services are constantly being added.

In addition, bLink harbours the advantages of digitalisation. All participants – customers, financial institutions and third-party providers – can rely on fair, equal and secure conditions. In addition to bLink, Contovista also offers the option of using EBICS for multibanking. This long-established standard is particularly suitable for larger companies and facilitates international connectivity.

How does the multibanking module work with bLink? Discover all the relevant details for implementation in our exclusive white paper about next-gen multibanking.


Profitable Use Cases Are Paramount to Successful Multibanking

 

bLink enables high-performance Open Banking, while the participants form the necessary ecosystem. Yet for multibanking to be a future-oriented winning formula, a crucial ingredient is still missing: the integration of next-gen features that enable customers and banks alike to realise the additional benefits of Open Banking in the first place. Contovista’s multibanking module is based on the Business Finance Manager (BFM), which provides exactly such features.

Multibanking Contovista Showcase

The Smart Financial Cockpit for business customers provides customers with advanced liquidity planning, cash flow forecasting, and valuable real-time insights across all accounts. At the same time, third-party account insights create a more comprehensive data basis for banks, which they can use to make more tailored product offerings. These capabilities are enabled by powerful analytics and AI technologies in the background.

Further functions will be added continuously in the future in an automated manner. By adopting a technology-agnostic approach, customers and banks don’t have to deal with updates or standards: innovation is already on board with Contovista’s multibanking module.

How do banks create a customer-centric Open Banking offering for business customers and in the future for the retail sector? Learn more about the possibilities of the multibanking solution with bLink in the new Contovista white paper.


Lior Leibovich

The Expert: Lior Leibovich

Lior is Senior Product Manager and Multibanking expert at Contovista with more than 10 years of start-up experience in: product management, team leadership, agile development, business development, strategic consulting and technical marketing. His strengths lie in the interaction between tech, ux and business domains. His passion is to develop innovative products based on user needs. Lior holds an MBA in Hi-tech management & innovation, and a Bachelor in Physics, both from the Technion - Israel Institute of Technology

Stay in the Know and Get New Data-Driven Banking Insights Delivered to Your Inbox

Recommended Articles

4 Min Read
Digital Banking Switzerland – Next Stop: Business Banking
Europe’s retail banking sector has recently undergone a massive digital revolution. Whether online or mobile, financial institutions have been upgrading their systems to adapt to...
Read More
5 Min Read
The Banking Experience for Business Customers: Please Get on Board, the Train Is Leaving!
Apologies, we certainly don’t want to alarm you - but can you hear it as well? That hissing and rustling? Quiet at first, then louder. It soon gets really loud - and then it’s...
Read More
3 Min Read
Luzerner Kantonalbank Extends Its Digital Offering with Contovista
As digitalisation progresses, positive customer experiences have become increasingly relevant and are crucial for a company wanting to stand out from the competition. Optimising...
Read More