[NEW REPORT] The Monetization of Open Banking: How legacy financial institutions can use open banking to develop new revenue streams and fend off the growing threat of fintechs
research report from Business Insider Intelligence.Open banking has arrived, and it's transforming the UK's banking landscape — next up could be the world. Regulatory efforts in the UK are transforming retail banking, reshaping incumbents' relationships with customers, and easing entry for fintechs.
The implications of this change for established lenders in the UK are significant. For those that act, open banking presents substantial revenue-generating opportunities. To seize these opportunities — and avoid losing revenue to fintechs and neobanks — it's critical that legacy players focus their efforts in the right direction, including identifying their strategic priorities.Forecasts the size of the UK's Open Banking-enabled banking industry over the next five years.
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