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Making Good on the Promise of Open Banking
Requires Technology and Solid Execution

Allison Karavos
August 16, 2023

Open banking is here and is showing no signs of slowing down.

According to a recent Finastra survey, 56 percent of US financial institutions (FIs) surveyed regard open finance as a “must have”, up from 45% in 2021. Globally, the open banking market is expected to grow to $43 billion by 2026 from its value of $7 billion in 2018.

With the advent of open banking, consumers can now manage their financial information, accessing it across different platforms, benefiting from a smoother, more personalized experience in the process.

In this Finextra blog, Kathy Stares, executive vice president, North America with Provenir, explains how FIs must change – analytically, operationally, and even culturally (no longer owning customer data) – to benefit from the open banking revolution.

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