Unlock The Value of Open Banking

White Paper • 2020

What is this paper about?

Like the allegory of the blind men and the elephant, how you understand open banking depends on the angle from which you approach it. Is it a payments technology, a financial data aggregation facility, a credit scoring application or a regulatory framework? Well, it is all of them, and much more.

Open banking is a highly versatile opportunity. The use of application programming interfaces (APIs) that allow third parties to access bank account information varies significantly both across countries and industries – and within them. Definitions of open banking matter less than the opportunities it presents.

We surveyed over 1,000 business leaders in the banking, retail, lending, investment platform, and personal finance management (PFM) software sectors across the UK and the Netherlands for their attitudes toward, and relationship with, open banking services.

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Key Points:

  • The business benefits of open banking
  • How companies are adapting to change
  • The complexities of adoption and finding the right partner
  • 82% said they believe the current credit review process and criteria need to change to make it easier for responsible borrowers to provide their creditworthiness

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