Modern banking is characterized by fierce competition from fintechs, technology giants and changing customer expectations. Banks are increasingly leveraging technology to modernize themselves and deliver personalized, convenient, and comprehensive products and services to customers.
As such, open banking models are gaining momentum and will most likely be the norm for the sector in the years to come. In fact, studies indicate that open banking users are expected to increase from 18 million in 2019 to 40 million in 2021. The ongoing pandemic is also contributing to the growing acceptance of open banking as end users seek better insights into their overall financial health.