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.