Open banking is set to transform the payment industry in the coming years, according to the latest report released today by The Payments Association has predicted open banking is going to transform the payments industry in the coming years.
The group underlined that a significant part of this is because new entrants are bringing solutions to market that are making accessing financial services more convenient while creating new customer experiences or enhancing existing ones.
Tony Craddock, Director General at The Payments Association, commented: “Innovation has been driving the payments industry in recent years at a rate never seen before, but open banking is set to up the game once again. Its introduction hasn’t been a smooth road, but now that it is overcoming some of these early hurdles, it will be a force for good, driving industry competition and providing customers with greater transparency and better product choices.
He added: “The impact that open banking can have cannot be understated, from personal finance management, loyalty and rewards, and credit scoring to ethical and sustainable living.”
The growth of open banking enables customers to gain a deeper control of their financial data, as well as more control of how they use their online bank account and more control over which channels they use to manage their accounts.
The newly released ‘Power to the People: How open banking is transforming how we access and manage our money’ insight paper provides an overview of open banking developments globally, the impact for end users, and a wealth of use cases across different industry verticals.
These include uses that directly serve consumers better such as subscription payments management or personal debt management, as well as use cases that serve businesses like small business financial management and credit scoring. The report includes key findings from interviews with innovative players in this space: AccountScore, Ecospend, Minna Technologies, Snoop and Ordo.
To download a copy of the guide, please visit: https://thepaymentsassociation.org/whitepaper/power-to-the-people-how-open-banking-is-transforming-how-we-access-and-manage-our-money/