Platform banking as a business model will become a force in the US that will dramatically change the competitive landscape. Given the unique characteristics of banking, banks will not follow the platform strategy playbook of the digital giants like Apple and Facebook. Instead, they will develop and adopt hybridized versions.

The vast majority of US banks are in the early days of developing and executing a platform banking strategy. The early movers have been building table stake capabilities, beginning with open APIs for secure data exchange. Those on the leading edge are filling product/service gaps or enhancing their offering by embedding third party services into their platform. A few are originating product via third party platforms. The few on the bleeding edge are supporting “micro” platforms which offer tailored products/services to specific segments.