The new report from Curity offers insight that is crucial in understanding Open Banking and its impact on financial institutions in the foreseeable future.
The research shows that nearly half of all large institutions in the finance industry have already adopted Open Banking, with almost three-quarters (70%) planning to adopt it in the next 18 months
The ‘Facilitating the Future of Open Finance’ report surveyed 200 global financial institutions and employees who are managing the Open Banking process. The report reveals that the top three motivators for adopting Open Banking are to increase competitiveness (58%), to deliver new products and services (55%), and to meet customer demand (48%). Despite these significant drivers for the Open Banking initiative, the results also show some hesitation regarding its adoption. Reasons for hesitation include compliance and security risk concerns (61%), skills and knowledge shortage (51%) and changing business priorities (45%).
Curity’s findings come amid the fourth anniversary of the launch of PSD2, which made Open Banking a regulatory requirement in the UK. According to the Open Banking Implementation Entity (OBIE), there are now 4.5 million regular users of Open Banking.