Open Finance in Europe: Challenges and perspectives

by Mung Ki Woo - Chief Operating Officer, Financial Services, Sopra Steria
| minute read

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:  

  • When and how did the concept of Open Banking emerge?  
  • What are the different regulations that have structured the market in Europe?  
  • What types of players and use cases have emerged as a result of market regulation? 
  • What changes will the introduction of the PSD3, PSR and FIDA regulations, recently proposed by the European Commission, bring?  
  • What strategies could be adopted by the GAFAMs, international payment networks, banks and fintechs?  

To find out more, download the report now by clicking on the link below.

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