As the Finastra study shows, whilst all markets broadly anticipate this trend - 85% of respondents at global financial institutions - Hong Kong (92%), the UAE (90%) and Singapore (87%) expect the impact to be greatest.
The ‘Financial Services: State of the Nation Survey 2021’, also finds that most organisations are now deriving the benefits of Open Banking and Open Finance, with the latter considered the natural evolution for the sector. Globally, 94% of those surveyed agree that Open Banking is important to their organisation, with 63% reporting that it’s enabled them to improve customer experience and 59% stating that it’s helped attract new types of customers.
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