THE OPEN BANKING GLOBAL PHENOMENON

A recent report by Accenture revealed that close to 80% of banks had already made major investments in Open Banking by the end of 2018, and almost all those who haven’t, plan to do so in the next three years (the figure is expected to reach 95% in 2019). Despite significant interest and investment, Open Banking is still very much unknown to a large proportion of the public, but this likely won’t be the case for much longer.

Open Banking is a pathway to products and services that enable customers – consumers and SMEs – to get a better deal, make finance more transparent and helps them get the most out of their money.

At its heart, Open Banking is designed to bring more competition and innovation to the Financial Services industry. This may sound daunting, but banks embracing this new challenge have an opportunity to enhance customer experience and shift focus to become more consumer-centric, rather than bank-centric.

To understand more on banking's next big revolution, download the white paper now.