According to the latest survey by Tink, the Open Banking platform, of 290 financial sector executives in 12 European countries, more than half are more in favor of Open Banking than last year. A trend that is also confirmed in France, even if the strategy is not always clearly defined.
Open Banking, an opportunity for a majority of European banking players
Open Banking involves banks sharing their data with other players in the financial system, in particular fintechs.
According to Tink's latest survey, 61% of financial institutions are in favor of Open Banking, up 6 points on last year. Only 1% were less convinced than last year by the opportunities offered by Open Banking.
Even so, 42% of the managers surveyed admitted that they had no defined strategy for taking advantage of it.
France tops the list of Open Banking-friendly countries
With 77.4% of executives considering that Open Banking is seen as an opportunity within their organization, France tops the European ranking, followed by Spain, the UK and Italy, well above the European average of 58.6%. Finland occupies last place, with only 35% of favorable opinions.
However, only 54.8% of managers claim to have a clear strategy, and 45.2% admit to having no strategy at all.
While developing a partnership with one or more fintechs appears to be a priority for many financial sector executives (69% across Europe), only 23% of French financial institutions are currently engaged in a partnership with a fintech.
In concluding its report, Fintech Tink firstly recommends that financial institutions view Open Banking as an opportunity to be leveraged within the existing system, and not just as an opportunity for new business models. It also encourages them to adopt a clear strategy and focus on the opportunities for improving the customer experience offered by Open Banking. Finally, the report stresses the need to develop partnerships with fintechs, believing that these partnerships will create value for customers.