We are now living in an era known as Open Banking, the first phase in the opening of financial data, and a preliminary step towards Open Finance. But what exactly is Open Banking? The concept can be defined as a set of practices, technologies and regulations that enable the sharing and secure use of personal financial information held by customers of banking institutions. Now mandatory for banks, Open Banking offers customers the possibility of benefiting from a growing number of new services aimed, among other things, at improving their experience.
In this report, co-branded with the Finance Innovation competitiveness cluster, Mung Ki WOO, Director of Operations for Financial Services at Sopra Steria, analyses the current state of Open Finance in Europe. First of all, you will discover how far we have come in recent years in terms of innovations and regulations, which have enabled the creation of an initial range of services. But you will also discover where the sector is heading in the future, with the possible developments and strategies that the various players may decide to adopt in the near future. The issues involved in integrating the customer journey between banks and non-banks will also be addressed in this three-part document, which looks back at the challenges and perspectives for the sector. In particular, you can find answers to the following questions: