Majority of finance execs say pandemic has boosted Open Banking focus

72 per cent of UK financial executives say that the pandemic has increased their focus on Open Banking, compared to 68 per cent of European execs in the industry.

According to new research from Open Banking platform Tink, 56 per cent of UK respondents said that the digital shift is permanent.

In Europe, only 41 per cent of those surveyed said that the move to online is here to stay.

“The pandemic has forced many executives to remedy the lack of personal interaction with customers by focusing on delivering digital services,” said Daniel Kjellén, co-founder and chief executive, Tink. “But this has also provided a way of creating more value for the customer, while increasing insights to identify or even predict potential risks and new demands.

Kjellén added: “Financial institutions have seen that Open Banking technology presents opportunities to increase the speed of innovation, introduce new commercial streams and revenue opportunities, while enabling operational efficiencies that will benefit their business long term.”

Rafa Plantier, head of UK and Ireland at Tink, said: “The UK leads the way in believing the digital shift in financial services is here to stay. In fact, the UK is ahead of the curve on interest in Open Banking increasing during the pandemic, allowing them to improve digital services, level-up the customer experience and bring greater profitability to their organisations. This reflects the UK’s position as a leading hub for FinTech innovation and as pioneers of the open banking movement.”

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