How might we create open banking business models to support a circular economy?




The challenge and opportunity of open banking

The banking world is changing. Triggered by a regulation called Payment Services Directive 2 (aka PSD2) banks and other companies are opening up to third party providers via Application Programming Interfaces (APIs). This connectivity and sharing of data allow for multiple customer benefits. Consequently, our customers’ behavior is changing. They have different expectations, which we would like to capture and fulfill. The potential benefits of open banking include improved customer experience, new revenue streams, and a sustainable service model for underserved markets (see Data sharing and open banking).


Adopting a circular economy mindset

Finance can be a major enabler in the transition towards a circular economy. Technological developments such as energy storage, advanced materials and the internet of things will help to make the circular economy a reality. Likewise, technology will also help financial institutions to gather the additional data they need to examine the viability of business cases, much of which will be data on issues traditionally seen as non-financial. Banks need to  facilitate new concepts such as product life extension, design for disassembly, end of life use of assets or performance-based business models (see Rethinking finance in a circular economy).


Your ideas

How might we combine open banking and circularity to create new business models? How can open APIs be leveraged to create new products and services? How might an entirely new financial services ecosystem shift the role of banks completely? How will easier access to data shape financial services? How can data be a catalyst for new products and business models? How might APIs enhance the delivery of financial services to both retail consumers and business customers?



Let’s leverage the opportunities provided by open banking and the circular economy to create solutions to our current and future customers’ problems.


Collaboration incentive

The winning team will be invited to join the RBI Innovation Jam – a two-day Design Thinking workshop – develop the idea further and pitch in front of the  CEO and the whole RBI board.

– Paid internships (6 months) at the RBI Innovation Management

– Paid internships (3-6 months) in one of RBIs Intrapreneurship teams