TLT interviewed more than 130 decision makers at financial services firms across the country, to get a better sense of the industry’s attitude towards Open Banking. It found that banks were particularly worried about ‘big tech’ companies such as Google, Amazon, Facebook and Apple, as well as challenger banks and fintech companies.
Two thirds of those interviewed said that they believe the market will become more consolidated as larger banks and corporates acquire fintech businesses and smaller banks in order to access their technology. However, nearly three quarters (72%) said that Open Banking has been a positive step forward for the financial services industry.
84% of the UK’s financial companies are investing in Open Banking products and services, with almost half (44%) admitting that they are mulling new product launches to improve the Open Banking experience for their customers.
According to new research from law firm TLT, 77% of financial services firms believe that Open Banking is one of the most radical changes in recent history for financial services. However, 53% of respondents to the TLT survey said that the industry has struggled to adapt to the new regulations, with almost two thirds (62%) saying that they do not have a comprehensive strategy in place to invest in Open Banking.
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