Open Banking in Europe & Asia: A Steady March Forward
Open banking, where customer banking data can be shared with relevant third-party service providers, is coming of age. As well as giving consumers more ways to leverage their data to access greater financial outcomes, it is also creating multiple revenue opportunities for banks.
To understand attitudes and perceptions about open banking and to examine where, when, and how teams plan to invest in open banking, Infosys surveyed senior banking professionals across Australia and New Zealand (ANZ), ASEAN and Europe. Results showed that leaders at financial services organizations increasingly view open banking as a growth opportunity – rather than as something they need to comply with or offer because customers demand it.
The 4 key findings of our survey are:
The biggest drivers for banks’ open banking journey were revenue growth, compliance, and operational efficiency
Open banking initiatives almost always deliver ROI
With a large market size expected in open banking, numerous revenue opportunities are available
The first wave saw banks adopt open banking because they had to. Now banks are adopting because they see value
Almost all banks recognize the potential open banking has to offer them and their customers.