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In recent years, the financial services industry has evolved from analogue to digital while open banking is increasingly moving from closed to open.Even before COVID-19, the financial services industry was evolving at a rapid pace — driven by changing consumer demand, heightened competition from incumbent banks and new entrants, and significant advances in technology. The global pandemic has accelerated this evolution — forcing radical changes in customer behaviour by shifting significant aspects of the economy online and increasing customers’ willingness to go digital.
Open banking in particular is transforming the banking experience. Implemented correctly, it has the power to open up access to financial services for many more people, increasing consumer choice, widening the pool of potential customers for businesses, while improving efficiency and significantly reducing operational costs.
Over the course of the year, our 2020 open banking research has revealed an encouraging shift in attitudes from financial institutions across Europe, with 61% revealing they are more positive about open banking than ever before.
With Coronavirus accelerating the shift towards digital channels, financial institutions now have a unique opportunity to get ahead of the competition and further enhance the customer experience. Here are three things they should focus on to accomplish this:
1. Create …
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