Banks worldwide warm to Open Banking

Initially viewed with suspicion by banks, the use of Open APIs to share account data with third party providers is proving to be a positive driver of innovation. Thirty of percent of the banks surveyed by Finastra believe Open Banking is already making a tangible impact in delivering improved overall customer experience.

The research, which was conducted prior to the Coronavirus outbreak amongst financial institutions across the US, UK, Singapore, France, Germany, Hong Kong and UAE, shows a maturity of API adoption and calls for the harmonisation of regulations between geographies.

 

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