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Classified in: Science and technology, Business
Subject: SVY

Finastra global survey shows evolution of Open Banking and growing appetite for open finance

LONDON, Dec. 6, 2022 /PRNewswire/ --  Finastra research reveals that Open Banking is now universally and unequivocally regarded as a key part of a bank's landscape, with 99% of respondents considering it either a 'must have' or 'important', up from 94% last year. The proportion of global financial institutions that consider it a 'must have' has risen to 61%, a notable increase from 2021 (51%).

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The 'Financial Services: State of the Nation Survey 2022' finds that views on open finance are also maturing with some 94% of financial institutions regarding it as either a 'must have' or 'important' in the context of data sharing (up from 91% in 2021). Almost half (48%) of respondents now consider open finance a 'must have', a notable rise on last year (38%). The increase is significant across all territories, but particularly pronounced in the UAE (up from 50% in 2021 to 71% this year), the UK (up from 33% to 47%) and the US (up from 45% to 56%). This suggests that the sector globally is actively investigating products and services that would benefit from an ecosystem model.

Some 85% of professionals agree that open finance is already making the industry more collaborative and is having a positive impact on the industry.

The research was conducted amongst 758 professionals at financial institutions and banks from August to September 2022 across France, Germany, Hong Kong, Singapore, the UAE, the UK and the US. It explores the Open Banking and Finance landscape, the technology and initiatives set to make an impact in financial services over the next year, and the growing importance of ESG.

Other insights include:

"Finastra has always championed open finance as the key to unlocking the potential of people, businesses and communities everywhere," said Simon Paris, Chief Executive Officer at Finastra. "Over the years that we have conducted this survey, we have seen open finance grow from an emerging idea to a clear priority for institutions across the world, enabling, as it does, business model shifts such as embedded banking, as well as financial inclusion and equality."

Access the full report and findings here.

Survey Methodology

For further information please contact: 
Sarah Mason
Acting Global Head of PR, Finastra
T +44 (0)20 3100 3613
E sarah@metia.com

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks. For more information, visit finastra.com.

Logo: https://mma.prnewswire.com/media/1916021/FINASTRA_Logo.jpg

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News published on 6 december 2022 at 05:00 and distributed by: