The Opportunities of opening the Banking Market

As well as being one of the most important scientists of the 20^th century, Albert Einstein is today also a popular icon in settings as diverse as business schools or rock concerts. He was a genius who didn’t just make new discoveries but left us with inspiration to help face difficult situations, including some well-known quotes to help us understand things in the most unexpected moments.

One of those moments is the arrival of open banking, which today is forcing organisations both inside and outside the financial market to transform and adapt quickly to a new reality. “Life is like riding a bicycle: to keep your balance, you must keep moving”, wrote the German physicist, and the same could be said for day to day business of financial institutions and new players on the market.

Industry specialists Bud have recently published a report entitled Beyond Open Banking which reveals the huge range of opportunities for banks and service providers who want to go a step further in their relationship with today’s customers. This data becomes particularly significant now that the coronavirus pandemic has provided a definitive stimulus for the digital transformation which is now paving the way for open finance.

We wanted to share this data with you to show some of the possible mobile banking innovations and their potential market impact according to the customers themselves. So, we’ve put together an infographic to illustrate the (many) opportunities for businesses in the sector that want to grow a successful relationship with the market, today, here and now.

Just like riding a bicycle, you have to keep moving to keep your balance!