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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