Open Banking

It aims to facilitate faster and more cost-effective business-to-business (B2B).

And the UK must make it easier for banking staff to work remotely, says industry body. 

More than half said it’s now a “must-have” for banks.

It’s a mixed bag for most SEA markets, but regulator support illuminates the future of open banking.

There is a revolution going on today in the banking industry. Those bastions of privacy and money management are doing the unthinkable - with consent, they are sharing their customer data with approved third parties. In the past, banks jealously safeguarded their clients’ information. That is what clients expected of them, as well as it being a regulatory obligation. Today, they are making this information available to other players in the financial services arena, creating an unprecedented financial ecosystem built around making their Application Programming Interfaces (APIs) available to approved third parties.  

Banks have to remain consistent and continuous in testing best practices.

It opens up new revenue models and lowers the cost-to-serve.

42% said that their organisation have been deploying banking-as-a-service (BaaS) in the last 12 months.