Open banking objectives a decade away for over a third of UK finance firms
Summary
Over a third of UK financial services firms expect it to take at least 10 years to complete their open banking plans, according to a survey across Europe. Spain, Italy and France were the most optimistic about achieving open banking goals in under five years, with 37%, 34% and 30% respectively expecting this, according to the survey of over 300 finance executives in 12 countries. “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,” he added. Kjellén made the point that legacy IT infrastructure was partly to blame for the slow pace of reaching open banking goals. “Rather than embarking on in-house transformational projects, which can take a decade to come to fruition, smart partnerships can shortcut timeframes and leapfrog legacy systems, allowing institutions to reap the rewards of open banking earlier than they might realise.”