As we already know and understand, Open Banking is the force behind the banking sector’s growing power. Not only does it drive technological innovation but, by adapting to the digital transformation of society as a whole, financial institutions are able to get closer to customers’ day-to-day activities. As a result, personalisation and the customer experience become absolutely key when talking about the banking sector of today and tomorrow.
Additionally, Open Banking is a boost for Fintech companies, who can take advantage of open banking data protected by appropriate security and privacy legislation. Fintechs have moved from being plucky start-ups to sitting alongside more traditional banking and financial services. Today, both long-standing firms and brand-new companies have recognised and accepted the fact that customers not only want to improve their finances but do so quickly and efficiently.
The specialist website Fintech Futures has taken note of a few recent surveys to outline the five main Open Banking trends
for 2022: the adoption of financial technology, growing uptake by younger generations, efforts to provide ever more personalised services, holistic views to reveal the bigger story for customers, and the role of convenience as a powerful force for developing new offers and solutions.
Here at GDS Modellica, we have compiled these points in the form of an infographic so that our readers can understand them at a glance. Here are the Open Banking trends for 2022.