Open banking for the corporate sector

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.