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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