Financial institutions

Nearly half of financial institutions have adopted open banking

Nearly half (43%) of all major financial institutions have now adopted open banking.

According to a new study by Curity, an identity management company focused on open banking, the top three motivations for adopting open banking are to improve competitiveness (58%), to offer new products and services (55 %) and meet customer demand (48%). hundred).

However, hesitation remains.

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Curity found that among financial institutions that have yet to implement open banking, 61% said they were concerned about compliance and security risks, while 51% said their main concern was a shortage. skills and knowledge, and 45% said they were hesitant due to changing business priorities.

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Despite this, 71% of financial institutions plan to adopt open banking within the next 18 months.

“Our new report offers a critical level of insight into understanding open banking and the impact it will have on financial institutions for the foreseeable future,” said Travis Spencer, Managing Director of Curity.

“70% of financial institutions surveyed plan to adopt open banking fairly quickly, so they need to understand the regulatory and security requirements needed to be successful.”

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