Open Banking is much more than just a fad. It’s a complete twist on the way the banking industry has been understood and managed until now. It’s an essential turn of the screw to ensure that services match the opportunities and expectations of a society going through a digital transformation, a gradual but unstoppable phenomenon that puts traditional business structures to the test in a very demanding way and opens up the playing field to countless young, flexible, disruptive companies.
Open Banking is a “paradigm shift”, says Anna Maj, FinTech leader at consultants PwC in this interview with The PayPers. She goes on to say, “Banks have a client base and trust so they can become the first-choice providers not only of banking services. If banks address this opportunity in the right, timely manner, they can build powerful platforms linked with other verticals and different service providers. They become so-called “one-stop shops” for all payments or other services, not even limited to financial activities. Banks will also create seamless end-to-end digital journeys for their customers.”
At GDS Modellica, we’ve gathered the most recent points relating to the acceleration of Open Banking, based on some of the key milestones around the world in 2019, such as those compiled in this summary published in Finextra. The author doesn’t just take stock of these events but, in their projections for 2020, also claims that “2020 will see the firm challenge of large fintechs that continue to see the commercial benefits of open banking and will certainly bring further products and services that will directly rival banks”.
To represent this data, we’ve used an infographic which allows us to grasp the information at a simple glance. This is the state of the art of open banking.