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According to a recent study, "Open Banking: revolution or evolution”Conducted by the company Temenos, modern banking is moving towards digitization. Individual banks even have a ready-made operating strategy in this area.
Temenos Banking Market Research
Temenos, a banking software producer, published a research report on the banking market some time ago, entitled "Open Banking: revolution or evolution". It was attended by 300 managers from the largest banks around the world. Its results showed that 45% of the banks are willing to implement new digital solutions, and nearly one-third even have ready-made strategies for implementing open banking. We are talking here, among others about using various types of modern applications and APIs that provide access to the bank at any time for the user.
Banks in the face of digitization
Temenos currently works with over XNUMX banks. Kanika Hope, the company's director of strategy, emphasized in an interview that open banking helps lower barriers to entry, while breaking the chain of traditional banking values. Banks are faced with the need to carefully analyze their business models and determine whether they intend to be producers or distributors of financial products, or maybe both.
Banking in the time of the COVID-19 pandemic
The COVID-19 pandemic, with which the whole world has been struggling for the second year, has forced significant transformations in most industries, including the banking sector. Paying in cash and visiting bank branches began to appear as a potential threat. The Temenos report explains how open banking can improve the process of managing customer data, and British banks are cited as an example of implementing such solutions. It is thanks to open banking and the improvement of internet banking that they managed to develop a significant advantage.
