We are living in the Open Banking era, the first phase in the opening of financial data and a preliminary step towards Open Finance. But what exactly is Open Banking? We can define the concept as a set of practices, technologies, and regulations that enable the sharing and secure use of personal financial information held by banking institution customers. Now mandatory for banks, Open Banking offers customers the opportunity to benefit from a growing number of new services that can improve their experience and much more.
Mung Ki WOO, Director of Operations for Financial Services at Sopra Steria, teamed up with the Finance Innovation competitiveness cluster to analyse the current state of Open Finance in Europe for a new report. In the report, you will discover how far we have come in recent years in terms of innovations and regulations, which have enabled the creation of an initial range of services. You will also learn where the sector is heading in the future, with the possible developments and strategies that the various players may decide to adopt soon. The issues involved in integrating the customer journey between banks and non-banks are also addressed in this three-part document, which looks back at the challenges and perspectives for the sector. In particular, you can find answers to the following questions:
- When and how did the concept of Open Banking emerge?
- What are the regulations that have structured the market in Europe?
- What types of players and use cases have emerged as a result of market regulation?
- What changes will the introduction of the PSD3, PSR and FIDA regulations, recently proposed by the European Commission, bring?
- What strategies could be adopted by the GAFAMs, international payment networks, banks and fintechs?
To find out more, complete the form to download the report.