Key Insights
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, data sharing remains a real concern — 71% of institutions planning to adopt it also cite security worries about doing so.
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.
Table of contents
Foreword — 2 Introduction — 3 Security and the Future of Open Finance — 5 Investing in Open Finance — 7 Top-Down Buy-in Is Crucial to Open Finance — 9 Conclusion — 11 About Curity — 12
