Finastra research reveals that Open Banking is now seen as an important part of the banking landscape, with 99% of respondents seeing it as a “must have” or “important”, compared with 94% in 2015. last. The share of global financial institutions that consider it a “must-have” has increased to 61%, a notable increase compared to 2021 (51%).

“Financial Services”:
The State of the Nation 2022′ Survey indicates that views on open finance are also maturing with around 94% of financial institutions considering it a “must have” or “important” in the data-sharing landscape. (compared to 91% in 2021). Almost half (48%) of respondents now consider open finance a “must have”, a notable increase from last year (38%). The increase was significant in all territories but was especially pronounced in the United Arab Emirates (from 50% in 2021 to 71% this year), the United Kingdom (from 33% to 47%) and the United States (from 45% to 56). %). ). This shows that the industry globally is actively exploring products and services that will benefit from the ecosystem model.

About 85% of experts agree that open finance has made the industry more collaborative and has had a positive impact on the industry.

The study was conducted with 758 experts from banking and financial institutions from August to September 2022 in France, Germany, Hong Kong, Singapore, United Arab Emirates, the United Kingdom and the United States. Ky. It explores the Open Banking and Finance landscape, the technologies and initiatives expected to impact financial services over the next year, and the growing importance of ESG.

Other information includes:

Integrated banking (BaaS) and finance have become the industry standard – 83% of organizations agree that BaaS and integrated finance have been expected/required by customers. More than a third (35%) of the organizations surveyed have upgraded or implemented BaaS in the past year. A little less (33%) have implemented integrated finance.

Drivers of technology adoption remain consistent with previous years Growing our business (48%), meeting current and future customer expectations (45%), staying ahead of the competition (42%) and reducing costs (42%) are all key factors. Interestingly, half of the organizations (50%) now have all or most of their software repositories on cloud-based solutions, with another third (32%) split equally between cloud solutions. clouds and in place.

· Global financial institutions are cautious in technology investment; 82% of them note limitations compared to 2021. Despite the current uncertain economic situation and rising cost pressures, the majority (74%) predict that they will continue to fully invest by the end of this year, i.e. the end of the first half of 2023. Support for ESG is widespread – Nearly 9 in 10 organizations (86%) agree that it is important for the banking and financial services industry to support environmental, social and environmental initiatives. association and administration. In this regard, 82% of respondents agree that green loans offer growth and revenue generation opportunities, with the United Arab Emirates (94%) and Singapore (88%) ) showing the strongest interest.