The appetite to adopt Open Banking solutions has increased, largely expedited by the pandemic. As consumers look for more digital engagements and better rates and services, they are more open to giving third-party providers access to their financial information that has traditionally been held by their banks.
The success of Open Banking initiatives depends on the Banking and FinTech ecosystem coming together to create an end-to-end digital architecture.
This Ecosystm Snapshot discusses some of the evolving trends in Open Banking, such as product differentiation by FinTechs to address a competitive market; the banking industry’s need to adopt digital and foster innovation; market entry by other industry leaders; and the need for trust in Open Banking adoption.
We cover recent announcements by companies such as Lloyd’s Bank, Mastercard, Batelco Financial Services, CarFinance 247, Credit Kudos, Prometeo, APImetrics and tomato pay.