As well as the strength of the relationship between fintech and open banking, the report also revealed some other interesting insights. This time, here at GDS Modellica, we have decided not to produce our customary infographic because the report’s authors have already created a very good one, which we obviously recommend reading
By way of a summary, here are some of the key takeaways from the information found in the report:
- The benefits of open banking that interest the most consumers are receiving faster credit approvals (68% interested) and receiving a consolidated view of financial accounts (also 68%).
- Emerging payment experiences are relevant for fintechs, with 63% interested in partnering with a payment network to develop open banking solutions, 60% to develop cryptocurrency solutions, and 60% to develop BaaS solutions.
- Three-quartersrs of fintechs surveyed (75%) believe that embedded finance/BaaS (Banking as a Service) is relevant for their business.
- Six of every ten consumers are interested in a loyalty programme that provides them access to personalised finance options. This figure reaches 75% for Gen Z and Millennials.
- Two-thirdsds of consumers (66%) are interested in paying automatically for purchases by walking out of a shop and 58% are interested in having connected devices make purchases automatically on their behalf.
- Almost eight of every ten fintechs (79%) indicate that connected commerce is very relevant for their business.