The rise of Open Banking has also enabled AISPs (Account Information Service Providers) and PISPs (Payment Initiation Service Providers) to begin to erode the direct relationship between the bank and the customer.
Open Banking has also given users the ability to view, manage and initiate payments via accounts at other FIs (Financial Institutions) via their own bank, based on the usage of APIs.
These are now being joined by a major new disruption, that of BaaS (Banking-as-a-Service).