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Open banking is just one example of how the banking world has changed in recent years. It has fast become a vital component of how a modern bank needs to behave in order to meet the needs of today’s banking customer. And unless they adapt quickly to reach basic capabilities such as digital identity services and KYC process automation, banks will be unable to offer their customers the latest added value financial services use cases.
However, offering best-in-class open banking or open finance use cases is easier said than done. To do so, banks need to ensure that they are open banking compliant, and that they have the security infrastructure in place to protect customer data.
By leveraging data taken from our 2021 digital banking experience report – conducted with Sopra Steria and Forrester Consulting – we look at how banks are increasingly adopting open banking practices, as well as steps they’re taking (or, at least, planning to take) to remain secure and compliant.