Article: Open banking: the rise of a new world of finance

Money, Open Governance

Open banking: the rise of a new world of finance

2020 was the year that life’s existing playbook was almost entirely rewritten, as the pandemic swept across the world and societies grappled with what became the ‘new normal’ in almost every facet of life.

The financial services industry was also not immune to these changes. Already at the start of a momentous shift from analogue to digital, and from closed to open — banking’s digital transformation was only propelled further forward by the Covid-19 pandemic. A shift once driven by customer demand for better services, simmering competition and evolving regulatory requirements now became spurred on by the “real” challenge of Covid-19.

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