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Coming Soon – Open Banking: Rearchitecting the Financial Landscape

Executive Summary

Open Banking is a framework wherein banks enable third parties to access customers’ financial data in order to provide new products and services and provide a higher degree of transparency to customers. Open Banking enables consumers to gain a more detailed understanding of their finances and accounts, incentivizes incumbents to innovate and improve their services, and lowers the barriers to entry for new players. With the rising demand for more innovative financial solutions, incumbents are increasingly finding themselves in competition with emerging FinTech companies. However, Open Banking offers an opportunity for incumbents to partner with new players and give their customers more ownership over their financial information.

Given these trends, Open Banking will likely encourage heightened levels of innovation and competition in financial services. As more financial institutions expand access to customer data through application programming interfaces (APIs) and other data sharing methods, a greater number of companies will be able to compete in the financial services landscape, which should in turn boost the degree and pace of innovation in the market.

With many new players entering the financial services space, incumbents have found themselves in competition with FinTech companies, but Open Banking provides an opportunity for incumbents to partner with FinTech players. Open Banking also enables incumbents to prioritize their customers by placing the ownership of data back into their hands, allowing them to view their data holistically and giving them the option to choose third parties with which they share their financial information.

Regulations regarding Open Banking have been vastly different between Europe and the U.S. As a result, Open Banking adoption in Europe has been largely regulatory-driven, while adoption in the U.S. has and will likely remain market-driven.

Report Features

  • An overview and history of Open Banking in Europe and the U.S.
  • Discussion of Banking-as-a-Service and key themes
  • Exclusive CEO / Executive interviews
  • Landscape of companies in the Open Banking space
  • Case studies and company profiles of key players
Coming Soon – Open Banking: Rearchitecting the Financial Landscape