What will you learn?
The next stage in the evolution of Open Banking will allow third parties to access a wider range of customer data, including pensions, mortgages, insurance and more.
Open Banking is disrupting existing models and enabling more players to enter the market, offering a wider range of services.
Last year, Forrester forecasted a doubling in the adoption of open banking services across countries and use cases between 2022 and 2027. What’s next?
Discover how financial institutions can benefit from unlocking open banking
A new era of collaboration
Open Banking was designed to foster competition and allow fintechs to offer innovative new services using the information stored in banks’ vast data estates. It also looks likely to fuel a golden age of collaboration.
Building Open Banking infrastructure is difficult and expensive for large banks, which is where fintechs and third parties can step in to add value. Stakeholders are stronger together, with standardization driving collaboration across the ecosystem.
Banks that are not yet considering their place in the open data economy risk yielding the market to more agile competitors.
If banks do not seize the Open Banking opportunity, new competitors will dominate this growing market. Our report will help decision-makers at banks and credit unions compete with disrupters and become the enablers of a new financial services paradigm.