Open banking investments and use cases
Are open banking investments growing? What use cases are financial executives in Europe most keen to pursue? Our third and final report for 2021 is out, with facts and figures on open banking investments and use cases based on our survey of financial executives across Europe.
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:
More in Open banking
How banks can offer tailored support to different consumer groups
Different consumers need differing levels of support. Learn how banks can support UK consumers through the cost-of-living crisis by using tailored financial coaching, data-driven tools and money management solutions.
Under the hood of Early Redirect – turbocharging income verification
How does Income Check make it possible for lenders to verify income in seconds? We went behind the scenes of the Tink tech team to find out how Early Redirect is powering the open banking lending engine. Marcus Elwin, Associate Product Manager, has the details.
The lenders’ guide to getting started with open banking
Risk decisioning and creditworthiness assessment technology are the tools lenders need to take loan origination into the future. Learn how Tink can help with this guide to optimising affordability assessment.
Get started with Tink
Contact our team to learn more about what we can help you build – or create an account to get started right away.
