Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Tink Survey Report 2021: Open banking spending, investments and use cases
Tink | Dec 1, 2021
We surveyed 308 financial executives in Europe to get a better understanding of how their open banking budgets are shaping up in 2021, and what use cases they are most likely to invest in.
In this report, we explore how investments are shaping up and what use cases executives have in sight. Here is the ‘too long; didn’t read’ version, if you’re just curious to know some of the top findings on the investments front:
See: Open banking continues to evolve — what’s next?
- Across all segments of finance, the mean spending on open banking objectives in 2020 was €32 million.
- The spending was significantly higher for retail banks and wealth management firms – at a mean of €84 million and €79 million, respectively.
- The pandemic played havoc with budgets in 2020, and executives spent less than they’d initially budgeted. But this year, investor confidence is back up and open banking is high on the agenda.
- Although one third (30%) of executives say budgets declined in 2021, the largest chunk (46%) indicate that their budgets have grown year-on-year.
- As to where the money might be going, financial executives have set their eyes on a broad set of open banking use cases:
- Payment initiation services comes out on top as the most important use case across all segments.
- Opportunities to improve the customer experience follow, with use cases related to financial management and onboarding.
- Risk-related use cases also rank high – especially for retail banks, credit institutions and mortgage providers who consider these ‘extremely important’.
- Differentiators and add-ons (such as subscription management, loyalty programmes, targeted advertising) rank lower on the list – although they are still important for a majority of respondents.
See: Financial data unbound: The value of open data for individuals and institutions
We also explore how open banking is tearing down barriers and allowing new players to enter the market – meaning financial institutions should move fast to keep a competitive edge. The full report (which you can download as a PDF) dives a bit deeper in the results, analysing the industry context and our own take on what might explain the results. It also includes additional interviews with three industry thought leaders, and some practical tips for staying ahead in this fast-moving space.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
R/Note: Tokenized VC Dividends on Avalanche- Finimpact, Apply: Women’s Empowerment Business Grant (Up to $10K Funding)
- Cities and states around the country are banning stores from refusing to accept cash, and it’s a troubling trend for Amazon
- 6 Profitable Ways You Can Use Your Extra Money
- “Crypto’s Back”, Stripe to Support On-Chain USDC Payments
- Censorship: Vitalik Votes to Burn Staked Ethereum of Validators that Would Comply with Sanctions
Leave a Reply