European financial institutions positive about Open Banking; see fintech partnerships as key to shaping strategy

Wednesday 22 April 2020 12:31 CET | News

New data published from Open Banking platform Tink has revealed that positivity towards Open Banking opportunities had grown by 6 percentage points in 2020, with almost two thirds of financial institutions in Europe (61%) now feeling positive about Open Banking. 

The survey, based on 290 senior decision makers at financial institutions in 12 European countries, also found that more than half (52%) feel more positive about Open Banking than last year and just 1% felt more negative about opportunities.

Though a large number of financial institutions recognise the Open Banking opportunity, findings suggest that some institutions remain unclear on how to realise its potential. Almost half of respondents (46%) were not confident that benefits were widely understood within their organisation, and 42% claimed that their organisation did not have a clear strategy to realise those benefits.

Those taking full advantage of Open Banking see fintech partnerships as a top priority. Almost a quarter of respondents (22%) have at least one fintech partnership to access open banking technologies, with some having up to five different partnerships. 

Over two thirds (69%) of participants increased their number of fintech partnerships in 2019 and the same proportion (69%) indicated that establishing a fintech partnership will be a priority over the next 12 months. 


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Keywords: Europe, financial institutions, Open Banking, fintech, partnerships, Tink
Categories: Banking & Fintech
Countries: Europe
This article is part of category

Banking & Fintech

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