Article: The future of money is open banking

Money, Open Governance

The future of money is open banking

Banks have been transforming for years, and the black swan events of the financial crisis and now the pandemic have only accelerated that transformation. Fifty-three percent of bank CIOs assess that their business performance is ahead or far ahead of where it otherwise would have been had Covid-19 not become a global pandemic.

Sixty-nine percent of banking survey respondents report that business leaders are asking IT to implement higher-value and more-strategic initiatives. Banks that have increased their use of digital channels to reach customers are 3.5 times more likely to be a top performer than a trailing performer.

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