LendIt Fintech, the world conference series dedicated to lending and financial services innovation, has released its comprehensive industry white paper on Open banking.
LendIt Fintech conducted this study to provide an in-depth look into how far the Open Banking trend has progressed, and how great an impact it will have on the financial competitive landscape. Through research into banks’ developer websites, the latest offerings from commercial banks, fintechs and internet brands, and industry interviews, LendIt affirms the likelihood that Open Banking will restructure the industry in terms of business models and services created through collaboration.
LendIt Fintech CEO Bo Brustkern said “We are excited to share our findings with the industry. We think it’s vital to address the fundamental question of exactly what steps a company must take in this era of open banking in order to play a leading role and remain competitive. That’s what we set out to achieve with this white paper.”
LendIt Fintech interviewed several companies at length for the study, including PwC, Railsbank, Bud, Deposit Solutions, OakNorth and NACHA. More than thirty other companies are identified for their leading efforts in open banking including Fidor, Fiinu, QED Investors, solarisBank, Spiir, Starling Bank, Monzo, Yolt, Visa, Mastercard, HSBC, Barclays, RBS, BBVA, PayPal, Chase, Intuit, Wells Fargo, Zero, Finicity, TrueLayer, ForgeRock, Sainsbury’s, Tesco, Apple, Google, Facebook, Alibaba and Tencent.
Speaking to LendIt Fintech, Jamie Campbell, Head of Awareness at Bud, said “If you’re a consumer unhappy with your bank’s service, you can now switch in an instant to a new financial services provider… on an app, without having to transfer your actual bank account.” With power arguably shifting into the hands of the consumer, what’s next for today’s financial services providers, and how can the established banking system adapt and keep pace with this new generation of challenger banks?