The financial industry is arguably one of the most disrupted industries on a global scale and shows no signs of calming down. Open Banking and the future of Open Finance have further encouraged the adoption of new technology to enhance financial services on a broader scale.
Through Open Banking initiatives, third-party FinTechs can access relevant consumer data directly from banks and non-bank financial institutions through APIs. While Open Banking has the potential to revolutionize the industry, the idea of data sharing can be a concern for many financial institutions, considering the introduction of several data protection regulations.
We surveyed 200 global financial institutions in partnership with research consultancy Priestley to better understand the landscape of Open Finance and the adoption rates of Open Banking. We spoke with those managing Open Banking programs about deployment timelines, experiences with Open Banking, and their motivations and concerns. Download the report to find out what they have to say.
