Temenos (SIX: TEMN), the banking software company, today published a new report "Open banking: revolution or evolution?" written by the Economist Intelligence Unit (EIU) and based on a survey of over 300 global banking executives. It finds that nearly half (45%) are set on transforming their business models to become digital ecosystems and almost a third (29%) have strategies for open bank hub initiatives. While banking data is beginning to flow, according to the report, the global revolution in open banking is a work in progress and customer experience and confidence are key to unlocking its true potential.
The pandemic has boosted open banking and the financial technology ecosystem. The report states that incumbent banks could be the biggest beneficiaries, provided...
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