In Focus

Financial Services

Staff Reporter

, Singapore

Published:

3 years ago

208 views

Photo by Eduardo Soares on Unsplash

9 in 10 finance professionals say open banking is a key part of a bank’s landscape

More than half said it’s now a “must-have” for banks.

The majority (99%) of professionals consider open banking as either a “must have” or “important” for banks, Finastra’s global survey showed.

Compared to last year (97%), the percentage of professionals who regard open banking as a key part of a bank’s landscape has risen.

Those who consider it a “must have” also rose, jumping from 56% in 2021 to 64%.

Apart from open banking, professionals (44%) consider "open finance" a must-have for banks. This is likely because 85% of professionals believe that "open finance" gives consumers access to a greater range of financial services.

Additionally, three-quarters (76%) agree that open finance has the potential to bring about fairer and more equal financial services.

Most of them (90%) also believe that open finance has made the industry more collaborative.

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