In what probably comes as a surprise to no one – the pandemic impacted many financial institutions’ budgets, leading to an average open banking spend of €32 million across Europe.
That being said, 47% report open banking budgets are on the upswing in 2021 – which seems to track with our finding on the use cases front. A majority of bankers highlighted several opportunities as ‘very’ or ‘extremely’ important for their business.
So, where’s all that money going? It was a tight race, but payment initiation services stuck out as the top choice for 72% of executives. Out of the 14 use cases outlined in the report, the one that ranked lowest was still selected as a priority for 62% of respondents – which goes to show just how much interest there is, and for a wide range of opportunities.
The report also covers:
Which segments have seen a biggest increase in their open banking budgets
A deep dive into the use cases outlined in the report, and how priorities differ for some segments
How open banking is blurring the boundaries between industries, and giving rise to new market entrants
Check our report page for a deeper dive into the results:
Help your customers manage the cost of living with open banking technology like Tink Data Enrichment, and offer them personalised financial coaching.
Beat the challenge of fraud in lending with actionable tools, from risk decisioning to authentication solutions with Tink – while getting closer to inclusive loan origination.
We take a closer look at the European Commission’s FIDA proposal, in particular the pivotal role of Article 4, its implications for data rights, innovation, and the balance between accessibility and affordability for vulnerable consumers.
Contact our team to learn more about what we can help you build – or create an account to get started right away.