Article: The progress of Open Banking and road ahead

Money, Open Governance

The progress of Open Banking and road ahead

According to McKinsey, among the positive signs noted by banks for 2021, apart from an overall opportunity to accelerate growth in digital payments, is the use of real-time payments infrastructure to offer fully digitised customer experiences. This will  improve the flexibility and the cost of their operating models through the usage of APIs and by offering payments-as-a-service (PaaS) that enable  industry utilities to build scale etc.

Many banks choose to partner with technology providers to expand quickly and modernise their product portfolio and offerings to meet customer expectations in banking, lending, payments, and money management.

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