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Bankers expect open banking to increase profits 10-20%

According to a new study from Accenture, bankers expect that open banking will lead to a growth in revenue of 10-20%. This thought it bolstered by the fact that commercial consumers are, by and large (35-42%) already using or planning to use open banking products in the near future. What remains to be seen in this march forward into open banking is how the landscape will ultimately look (and who will own the real estate). For their part, many banks appear happy to step out of the way and let smaller third-party players own and manage front-end solutions that provide consumers with the “Lego bricks” to build their own, personalized financial solutions.

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