<p>Digital transformation is reshaping business models and processes across industries. Banks are particularly affected: technological developments such as open interfaces and artificial intelligence open up new possibilities for collaboration, process optimization, and efficiency gains. At the same time, customer expectations for connected, personalized, and digital services are increasing.</p><p>The adoption of new technologies is already visible in many supporting areas within banks—for example, AI-based chatbots for both customers and employees. The core processes of banks also show significant potential for digital transformation; however, this potential often remains untapped. One of the core processes in Swiss banking is mortgage business. This gives rise to the strategic question for banks as to whether the digital transformation of this core process is worthwhile. Open Finance, based on open and standardized interfaces, is a&#xa0;development that is shaping the entire Swiss financial sector. In this context, banks are affected both as individual institutions and collectively as part of the broader system. What are the opportunities and risks associated with the use of Open Finance for the digital transformation of the mortgage process in Swiss retail banking, and what strategic implications arise for banks as a&#xa0;result? Based on expert interviews, this study provides answers. On the one hand, it offers an overview of the opportunities and risks of Open Finance; on the other, it derives strategic recommendations for Swiss retail banks to ensure their continued competitiveness.</p>