Recently, Accenture surveyed more than 650 businesses as well as 100 global banks to get their take on open banking for the corporate sector. The survey found that 77% of businesses already participate in open banking ecosystem platforms or plan to do so within the year. Similarly, 80% of banks already significantly invest in open banking or plan to do so within the year, and nearly 90% indicated that they are willing to build an ecosystem platform with third-party services for their commercial customers.
Despite the move toward open banking on the part of both sides, there is somewhat of a disparity between what businesses want and what banks plan to provide. This has opened up a gap that many digital newcomers are eager to fill. Novel bank competitors (e.g. LendingClub, Kabbage, Xero and Tide) are already using real-time data to offer more customer-centric bundled solutions on seamless platform-based ecosystems that interact with banks where necessary. And FinTechs and ERP software providers (e.g. Stripe for online payments processing and SAP for cash management-ERP integration) are looking to help businesses gain greater efficiencies in payments.