It’s easy to forget how much our lives have changed in the last couple of years. We’ve confronted a raging pandemic that forced digital transformation to take a huge leap forward. Many financial executives may feel as if the industry is moving too fast: with new regulations, technologies and challengers around every corner. On the other hand, some may feel as if it’s not moving fast enough. With slow adoption rates, open banking is not living up to its full potential. Yet. But open banking is not a goal or a destination – it’s a means to an end. The end of meeting customer expectations while improving operations. Access to financial data unlocks countless opportunities to improve experiences and create more inclusive financial ecosystems. And there’s still so much untapped potential that can be created from open banking technologies in order to enhance core banking services.
In fact, the most exciting opportunities are still ahead of us – we haven’t come this far for the journey to end here. Open banking is evolving and expanding into open finance, which in turn will power the transition towards embedded financial services. In embedded finance, payments, loans, and even insurance become completely invisible to the customer. This has the potential to change the role that financial institutions play in our lives, from a provider of financial services to an enabler of all industries. A change that has long been anticipated by both B2C and B2B customers. That’s why the next step in this evolution process is the creation of open data economies. Customers expect to be able to rely on their bank wherever they go – and open data economies are the way to meet those expectations.
Tink’s mission is to power this new world of finance; to enable financial service providers to evolve and continue meeting customer expectations. We have been a prominent leader in open banking since 2012, serving some of the largest financial institutions in the world – including BNP Paribas, BBVA, and NatWest – as well as a long list of the industry’s rising stars such as Snoop, Xero, and Anyfin. We’re helping our customers and partners navigate where to go next as they recognise that beyond banking lies a world which will allow for unparalleled innovation and collaboration. We hope you are as excited about this opportunity as we are. As always, don’t be shy to reach out.
Find the full report here.