Completing Open Banking objectives could take 10 years, say Euro FIs

New research has found that over one in three financial executives expect their institutions to take more than a decade to complete their Open Banking objectives.

According to a study from European Open Banking platform Tink, which surveyed 308 executives across 12 countries, a further 40 per cent predict it will take around five to 10 years to finalise their Open Banking plans.

Despite this, positive sentiment of respondents towards Open Banking has risen from 55 per cent in 2019 to 71 per cent in 2021.

Of those surveyed, executives in Spain (37 per cent), Italy (34 per cent), and France (30 per cent) were most optimistic about their open banking timescales - predicting their institutions’ objectives can be completed in under five years.

In the UK, executives are positive about the completion of their Open Banking objectives, more than a quarter expecting their institution to deliver on its objectives in under five years.

The research suggests that challenger banks and wealth management firms are most optimistic when it comes to timescales, with 75 per cent and 74 per cent respectively predicting their institutions’ open banking objectives can be achieved in under a decade.

At the more cautious end of the scale, only 55 per cent of mortgage providers, 56 per cent of credit providers, and 57 per cent of payment service providers believe they can reach open banking maturity within a decade.

“As an early pioneer of open banking, it’s exciting to see our predictions come true, as the vast majority of European financial institutions are eager to embrace open banking’s true potential,” said Daniel Kjellén, co-founder and chief executive, Tink. “But we know an open banking revolution won’t happen overnight and we recognise that the pace of change may be slow as institutions grapple with complex transformation projects that could take over a decade to deliver.”

    Share Story:

Recent Stories


The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.