From: FinTech Global
Almost half of the banking executives around the world are looking to digitalise their businesses, according Temenos’ new research.
Having surveyed over 300 global banking executives, the banking software company found that 45% plan to digitise their business models and 29% have strategies for open bank hub initiatives.
The researchers also found that the pandemic and new regulations have boosted the evolution of the open banking and the financial technology ecosystem.
“Open banking is lowering barriers to entry and breaking the traditional banking value chain,” said Kanika Hope, chief strategy officer at Temenos. “It is forcing banks to rethink their business models and decide whether they want to be manufacturers or distributors of financial products or both.”
John Broxis, managing director at Open Banking Europe, stated in the report, “Opening up banking isn’t enough unless you can prove to your customer base the certainty of how their data is going to be treated, certainty about refund periods and reconciliation information, or certainty about what happens if you do something wrong.”
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