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Open Banking is here and is set to transform the way we are able to pay for goods and services and manage our finances. Not only does Open Banking offer a significant market opportunity, estimated at £7.2 billion by 2022 according to research, it has the potential to disrupt the entire financial services landscape.
Yet while it is more than half a year since the UK's Open Banking experiment began, on the surface it may seem that little has changed in the retail banking landscape. Many consumers may be only vaguely aware of the term ?Open Banking?, and even less certain of what it might mean for them. Together with the Open Data Institute, PwC has conducted extensive research into customer adoption and how the financial services ecosystem and technology firms are responding to Open Banking. The report combines valuable insights from interviews with executives from leading financial services organisations, FinTechs, technology firms, regulators and industry bodies, as well as insights from surveys with over 1,000 retail and SME banking customers across the UK.
The research and analysis clearly highlights the potential propositions and revenue opportunities that could be enabled by Open Banking. It also identifies how market players can compete, attract customers, and seize the opportunities ahead.
Our report also highlights that Open Banking enables more competition and innovation in the market and puts customers? interests firmly at the heart of this. It is also consistent with wider social shifts towards transparency, data standards and sharing.
However, when it comes to customers many of those that are aware of Open Banking have concerns over the security and privacy of this brave new world, which often outweigh the perceived benefits.
As the report demonstrates, companies need to ensure that they have a compelling vision of how they will stand out in a highly competitive and transparent environment and focus on developing differentiated propositions - rather than attempting to chase all of the potential Open Banking opportunities.
Firms will also need to be prepared to address customer concerns and demonstrate through transparency the benefits offered by Open Banking, of which there are many.
One thing which is clear is that waiting to see how the future unfolds is not an option. A strategic approach to Open Banking is critical if companies want to be confident of success.
Read more and download the report here: www.pwc.co.uk/openbanking
Watch the short animation to understand more about Open Banking and the opportunities it brings.
Watch Isabelle Jenkins, Banking and Capital Markets Leader, and Jonathan Turner, Consulting Partner, discuss the key findings from the research and how ready the market is to embrace Open Banking.
You can contact Jonathan Turner for more details here.
Jonathan Turner, Open Banking Leader, PwC