Finastra research reveals that Open Banking is now universally and unequivocally regarded as a key part of a bank’s landscape, with 99% of respondents considering it either a ‘must have’ or ‘important’, up from 94% last year. The proportion of global financial institutions that consider it a ‘must have’ has risen to 61%, a notable increase from 2021 (51%).

The ‘Financial Services: State of the Nation Survey 2022’ finds that views on open finance are also maturing with some 94% of financial institutions regarding it as either a ‘must have’ or ‘important’ in the context of data sharing (up from 91% in 2021). Almost half (48%) of respondents now consider open finance a ‘must have’, a notable rise from last year (38%). The increase is significant across all territories but particularly pronounced in the UAE (up from 50% in 2021 to 71% this year), the UK (up from 33% to 47%), and the US (up from 45% to 56%). This suggests that the sector globally is actively investigating products and services that would benefit from an ecosystem model.

Some 85% of professionals agree that open finance is already making the industry more collaborative and is having a positive impact on the industry.

The research was conducted amongst 758 professionals at financial institutions and banks from August to September 2022 across France, Germany, Hong Kong, Singapore, the UAE, the UK, and the US. It explores the Open Banking and Finance landscape, the technology and initiatives set to make an impact in financial services over the next year, and the growing importance of ESG.

Source: Yahoo Finance