Download YTS' in-depth and 1,000-strong study of banks, lenders, retailers and personal finance management firms in the UK and Netherlands on the impact (or lack of) of Covid-19 on their Open Banking plans.
Published: Monday 7 September 2020
Like the allegory of the blind men and the elephant, how you understand open banking depends on the angle from which you approach it. Is it a payments technology, a financial data aggregation facility, a credit scoring application or a regulatory framework?
Well, it is all of them, and much more.
Open banking is a highly versatile opportunity. The use of application programming interfaces (APIs) that allow third parties to access bank account information varies significantly both across countries and industries – and within them. Definitions of open banking matter less than the opportunities it presents.
We surveyed over 1,000 business leaders in the banking, retail, lending, investment platform, and personal finance management (PFM) software sectors across the UK and the Netherlands for their attitudes toward, and relationship with, open banking services. We asked whether it has brought any benefits to the sectors, including the monetary value it represents for them.
The results show the variety of ways businesses are already using the technology to improve customer service, cut costs, boost efficiency, and adapt to change. They also reveal the obstacles and sometimes misunderstandings that must be overcome for businesses to fully realise the technology’s potential.