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Open Banking: A New Frontier

Open banking is broadly seen as a net benefit for consumers, but financial institutions stand to gain as well.

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As digital banking has become more commonly accepted by consumers, expectations
about the customer experience have risen as well. A new survey of executives at banks, wealth firms and financial technology companies (FinTechs) by Arizent Research/American Banker in partnership with Envestnet | Yodlee, a leading financial data aggregation and analytics platform, finds that banks see open banking as a seismic shift in the way customers experience and interact with financial services. The majority (84%) believe open banking will significantly or dramatically reshape the financial services industry over the next 10 years.