Open Banking
What is open banking? What open banking applications exist? How can open banking benefit lenders? Does open banking have an RoI?
This Month’s Article
Vulnerability – How Effective Are Digital Customer Journeys?
What we learned from the FCA Sandbox. Read our latest article today…
PrinSIX Articles on Open Banking
PrinSIX Technologies and AccountScore announce partnership to deliver optimised Open Banking journeys
PrinSIX announces it has entered into a partnership with AccountScore, leaders in open banking data analytics. Click here to read more.
Over Half Of Building Societies See Open Banking As An Opportunity
A revealing report found that over 55% of Building Societies now recognise the opportunity presented by Open Banking.
Monzo And TrueLayer Use Open Banking To Protect Customers
Digital bank Monzo and open finance tech expert TrueLayer have partnered to create a new ‘gambling block’ for vulnerable customers.
Latest Roundup of Industry News on Open Banking
Please note: The insights provided in this section are commonly republished from third-party sources. Articles are the exclusive opinions of the authors. PrinSIX Technologies Ltd accepts no liability for their accuracy or for any consequential impacts of any actions resulting from the use of this information.
PrinSIX Technologies and AccountScore announce partnership to deliver optimised Open Banking journeys
PrinSIX announces it has entered into a partnership with AccountScore, leaders in open banking data analytics. Click here to read more.
Over Half Of Building Societies See Open Banking As An Opportunity
A revealing report found that over 55% of Building Societies now recognise the opportunity presented by Open Banking.
Monzo And TrueLayer Use Open Banking To Protect Customers
Digital bank Monzo and open finance tech expert TrueLayer have partnered to create a new ‘gambling block’ for vulnerable customers.
Europe’s Next Move in Open Banking Regulation
With 52 countries having now rolled out Open Banking regulations, what comes next? Read this article published in The FinTech times.
Our Analysis
Open banking delivers rich new insight but with classic digital challenges
Well categorised open banking data provides an exciting new layer of insight for lenders to assess customers for both vulnerability and commercial risk.
It supports responsible lending decisions that can be clearly evidenced for regulatory scrutiny. However, two challenges need to be overcome, its potential impact on conversion and how to test.
Challenge #1
After 20 years of being told “never share your banking details online”, lenders who mandate Open banking today will see a significant impact on conversion. Acquisition costs will rise, and customer numbers decline.
Challenge #2
There is no historic data available to build strategies against. Lenders must learn in live. That requires continuous testing, quickly implemented, interpreted, learnt from and improved.
How PrinSIX can help
Onboarding today is inadequate to manage these two challenges. PrinSIX’s platform equips organisations to create dynamic, personalised, agile journeys – one applicant at a time.
Facts about Open Banking
5. the open banking market is growing at 24.4%, reaching $43.15 billion by 2026 and accelerating by the pandemic but part of an inevitable control shift in the financial sector. (Forbes)
6. Online banking adoption rate in the UK is growing year on year, reaching 76% of the population in 2020. (Statista)
7. More than 2.5 million UK consumers and businesses now use open banking–enabled products to manage their finances, access credit and make payments. (Openbanking)
8. Since 2019, the number of third–party providers (businesses who use open banking technology) in the ecosystem has grown to 294. (Openbanking)
9. There are 202 FCA–regulated providers enrolled in Open Banking as of January 2020. (Nordigen)
10. The Open Banking market by 2022 could be generating£7.2 billion. (Teknospire)
11. In June, there have been 1.2 million uses of open banking API’s, up from 720,000 in May(2018). (Teknospire)
About PrinSIX Technologies
We make innovation work for businesses around the world.
PrinSIX offers a services-led digital platform that uses real-time analytical learning ‘at the speed of digital’ to orchestrate unique customer onboarding journeys, one decision stage at a time. PrinSIX meets the needs of lenders, regulators and customers fully and simultaneously; equipping lenders to maximize customer experience and lending while minimizing cost and risk; with a major concern being regulatory compliance—an existential threat.
For more information, click here to get in touch