Obtain YTS’ in-depth and 1,000-strong examine of banks, lenders, retailers and private finance administration companies within the UK and Netherlands on the influence (or lack of) of Covid-19 on their Open Banking plans.
Revealed: Monday 7 September 2020
Just like the allegory of the blind males and the elephant, the way you perceive open banking is dependent upon the angle from which you method it. Is it a funds know-how, a monetary knowledge aggregation facility, a credit score scoring software or a regulatory framework?
Properly, it’s all of them, and way more.
Open banking is a extremely versatile alternative. The use of software programming interfaces (APIs) that permit third events to entry checking account data varies considerably each throughout international locations and industries – and inside them. Definitions of open banking matter lower than the alternatives it presents.
We surveyed over 1,000 enterprise leaders within the banking, retail, lending, funding platform, and private finance administration (PFM) software program sectors throughout the UK and the Netherlands for his or her attitudes towards, and relationship with, open banking providers. We requested whether or not it has introduced any advantages to the sectors, together with the financial worth it represents for them.
The outcomes present the number of methods companies are already utilizing the know-how to enhance customer support, lower prices, increase effectivity, and adapt to alter. Additionally they reveal the obstacles and typically misunderstandings that have to be overcome for companies to totally realise the know-how’s potential.