May 31, 2022 – Trends in customer demand, technology, and regulation drive the development of an open financial ecosystem in which FI clients can share their data with their preferred brands to manage their finances better. This development is called open banking or open finance, and may become a launchpad to a truly open economy. If the open economy is successful, data will be liberated, innovation will be accelerated, and all organizations will be empowered to create new business and revenue models.

This report analyzes this trend and the evolution from open banking to open finance and to a truly open economy. It is based on Aite-Novarica Group interviews with 14 executives from large FIs and fintech firms in Europe and North America between March and May 2022.

This 43-page Impact Report contains eight figures and three tables. Clients of Aite-Novarica Group’s Retail Banking & Payments or Cybersecurity service can download this report and the corresponding charts.

This report mentions Bancorp, BBVA, Cake, Ducit.ai, Goldman Sachs, HSBC, Klarna, Koyo, Lumio, Mastercard, Mint, Mojo, Moneybox, Moneyhub, MX Technologies, N26, Okta, QuickBooks, Plaid, Starling, Solarisbank, Tink, Trustly, Tully, Visa, Wells Fargo, Wise, and Zero.