Completing Open Banking objectives could take 10 years, say Euro FIs

New research has found that over one in three financial executives expect their institutions to take more than a decade to complete their Open Banking objectives.

According to a study from European Open Banking platform Tink, which surveyed 308 executives across 12 countries, a further 40 per cent predict it will take around five to 10 years to finalise their Open Banking plans.

Despite this, positive sentiment of respondents towards Open Banking has risen from 55 per cent in 2019 to 71 per cent in 2021.

Of those surveyed, executives in Spain (37 per cent), Italy (34 per cent), and France (30 per cent) were most optimistic about their open banking timescales - predicting their institutions’ objectives can be completed in under five years.

In the UK, executives are positive about the completion of their Open Banking objectives, more than a quarter expecting their institution to deliver on its objectives in under five years.

The research suggests that challenger banks and wealth management firms are most optimistic when it comes to timescales, with 75 per cent and 74 per cent respectively predicting their institutions’ open banking objectives can be achieved in under a decade.

At the more cautious end of the scale, only 55 per cent of mortgage providers, 56 per cent of credit providers, and 57 per cent of payment service providers believe they can reach open banking maturity within a decade.

“As an early pioneer of open banking, it’s exciting to see our predictions come true, as the vast majority of European financial institutions are eager to embrace open banking’s true potential,” said Daniel Kjellén, co-founder and chief executive, Tink. “But we know an open banking revolution won’t happen overnight and we recognise that the pace of change may be slow as institutions grapple with complex transformation projects that could take over a decade to deliver.”

    Share Story:

Recent Stories


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.