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How does open banking improve user experience and efficiency?

As part Fincog’s series of podcast for our Future of Banking report we spoke to Jan van Vonno, from Tink. Our report outlines the recent trends and dynamics across markets and thereby provides an outlook on the future financial services market and how banks can best respond to the new reality of banking.

Jan is the Head of Strategy at Tink and works closely with industry bodies and customers across Europe. He shares with us his insights on the future of the payments and open banking.

Q. What does open banking mean to you? 

We define open banking as the exchange of data and services between financial institutions and third-party providers to deliver enhanced capabilities and experiences to the market. What does that mean? That means that any type of exchange, whether that is through an open API, or a private API could be a form of open banking, and as such that means that there are different types of open banking business models.

Q. Some people say that open banking hasn’t yet shown its full potential. What do you think has been the impact so far and what will the long-term impact of open banking be? 

Since 2018 the number of open banking providers in Europe has increased from 114 to 554 licensed institutions. There has been a massive acceleration in the adoption of open banking technologies and, in parallel, pretty much every single bank in Europe has created and issued or published dedicated interfaces. In other words, there are two APIs that allow more than 500 institutions connect to create value for their market.


Read the full interview here.

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