How to seize the Open Banking opportunity
revenue opportunity created by Open Banking by 2022
of SMEs expected to adopt it by 2022
of adults expected to be adopters by 2022
of retail banking customers & 54% of SMEs state security is their biggest concern with Open Banking data sharing
Open Banking is here and will transform the way we are able to pay for goods and services and manage our finances. Open Banking creates a significant market opportunity and potential to disrupt the financial services landscape.
Together with the Open Data Institute we have conducted extensive research into customer adoption and how the financial services ecosystem and technology firms are responding to Open Banking. Our report combines the valuable insights both from interviews with executives from leading financial services organisations, FinTechs, technology firms, regulators and industry bodies, and insights from surveys with over 1,000 retail and SME banking customers across the UK.
Our research and analysis highlights potential propositions and revenue opportunities enabled by Open Banking. We have also identified how market players can compete, attract customers, and seize the opportunities ahead.
Watch our short animation to understand more about Open Banking and the opportunities it brings.
What will your value proposition be and what market leading capabilities will you use to compete?
How can you build truly customer centric propositions and operations?
How will you ensure the array of new Open Banking risks are understood and managed in line with risk appetite?
How will you achieve full compliance in a rapidly changing regulatory and legal landscape?
Director, PwC United Kingdom
Tel: (+44) 7900 163394