The Paypers presents the Global Open Banking Report 2020
Through Open Banking, consumers were given access towards evolved financial products, allowing for a more control over their finances, which includes more choices and a personalised financial lifestyle. Furthermore, the players belonging to the financial industry observed more competition which led to innovative developments and overall better products.
If you are curious about which are the most successful Open Banking use cases, what strategies are best to implement, which way to approach Open Banking at different stages of its implementation, and where to look for inspiration, then this report is definitely worth your time. We address this piece to all players of the industry, from banks and fintechs to service providers and financial influencers.
The Paypers released the Global Open Banking Report 2020, comprising of valuable info and insights from top industry representatives covering the evolution of Open Banking and its effects all around the world, including trends and risks. We gathered comprehensive information from editorials submitted by key players of the industry, such as: Deutsche Bank, Trustly, Moneyhub, Worldline, BBVA, HSBC, LUXHUB and many others. Key players of the financial industry (be it banks or fintechs) share their insights from being a crucial part of the game, which allows us to understand how innovation and digitalisation can lead to better customer experience and performance.
How will this comprehensive review of Open Banking help you?
First, this report does a fantastic job in covering the evolution of Open Banking and its path towards Open Finance and data economy, which includes the potential and way of impacting various areas of the industry. Through analysing relevant use cases (request to pay, account to account payments, open banking and carbon footprint, and others) of Open Banking, you can observe how corporates and SMEs stand to benefit from implementing and using Open Banking and what is in store for the ecosystem’s future. Pro tip: A way you can implement and benefit from Open Banking is through using premium APIs and Open Banking monetisation (check out a relevant piece on this topic by BCG)
Areas covered? All continents, checked.
It is no surprise that when it comes to evolution and innovation in the financial industry, progress is registered differently as you go from time zone to time zone. That is why The Paypers set out to cover as extensively as possible various geographies to find out exactly how Open Banking is implemented and what results it bears in certain key markets. Of course, you will also find out how regulatory aspects can influence the aforementioned progress and, in the end, you will have a complete picture on why things are as they are in the present time.
Open Banking means being open towards collaboration
Banks had to accept that in order to survive and thrive in the new world being introduced by Open Banking, they will have to set pride aside and reach out to fintechs. Startups and fresh market developers come with an agile way of thinking which couldn’t be encouraged by the rigour usually found in traditional banking.
By teaming up, banks and fintechs make their lives easier, but more importantly, they can provide much improved customer experience and value added to the products which they offer. A key aspect that will make a bank stand out from the rest — in the context of Open Banking — is represented by placing high importance on their community, on quality communication with customers, and increased focus on the commercial aspect.
Open but also secure
In order to make sure that the Open Banking ecosystem is strong, you have to look past innovation and customer experience and make sure that everything happens in a tightly secured environment. The protection provided by Europe’s PSD2, for example, allows customers and financial product providers to collaborate in a safe environment, which does nothing more than to encourage people to flock towards what Open Banking represents.
Who provides such services? We introduce a global mapping of key players
The Paypers’ Global Open Banking Report goes the extra mile and introduces a thorough infographic of global scale along with a mapping of theindustry to find out who are the relevant Open Banking solution providers and what solutions they have to offer.
Inside said mapping you will see features and facts categorised as such:
· Open Banking enablers
· API connectivity for payment initiation
· API connectivity for data retrieval & value-added data solutions and services
· Consent management
· TPP checking & repository
· Bank in the box/banking-as-a-service/core banking infrastructure
· End-user solutions and propositions
· Security/Risk management/Fraud
The journey doesn’t end here
It is safe to say that Open Banking is still in its young stages and we will be sure to follow it along as it travels the path towards Open Finance. Although a lot has been learned, implemented, and benefited from in such a short span of time, it is completely safe to assume that the opportunity for evolution remains quite large.
In order to remain relevant in the industry, make sure you download the report now.