Digital Disruption Report, Retail Banking Technology Report
Those banks and market participants that embrace open banking will reap significant rewards in terms of top-line growth.
Consumers will benefit from easier product comparisons, safer account aggregation, and enhanced personal financial management (PFM) services. Banks that embrace the concept will be able to become one-stop shops for the best products on the market, crowdsource the development of new services, and generate revenue by selling access to their data and capabilities.
The ultimate goal of open banking is to encourage innovation by making it easier for specialist providers to compete with banks on a more equal footing, and hence to improve outcomes for consumers by making more choices and options available to them.
