FINANCE
Future of Finance
What does the Future of Finance hold?. The development of Open Banking over the last few years within the global financial services sector has been one to watch. Our research demonstrates over half (55%) of professionals from the finance, technology and consultancy sectors believe that COVID-19 has encouraged its organisation or customers to prioritise digital transformation initiatives, including Open Banking. Open Banking has the power to revolutionise the way we manage our financial wellbeing, improves customer experience and increases
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competitiveness. Despite its revolutionary status, however, Open Banking still falls short when it comes to managing our entire cash pot, with the initiative only being applied to payment accounts. This is opposed to the likes of savings, mortgages, loans and investments.
range of financial sectors and products”.
This is why the industry has started to coin the phrase ‘Open Finance’. This, according to KPMG is the term used to describe the “extension of Open Banking data-sharing principles to enable third party providers to access customers’ data across a broader
The Open Banking model has initiated an upgrade to outdated infrastructures and processes within financial services organisations. In order to implement this approach, financial services businesses need to either replace or upend existing systems for greater digital agility. In this
If banks want to future-proof their businesses for the customer of tomorrow, they must look to Open Finance as a way of doing this. The Open Banking advancement
