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Tink Survey Report 2021: Open banking spending, investments and use cases

Tink | Dec 1, 2021

Open banking spending in Europe 2020 - Tink Survey Report 2021:  Open banking spending, investments and use cases

We surveyed 308 financial executives in Europe to get a better understanding of how their open banking budgets are shaping up in 2021, and what use cases they are most likely to invest in.

In this report, we explore how investments are shaping up and what use cases executives have in sight. Here is the ‘too long; didn’t read’ version, if you’re just curious to know some of the top findings on the investments front:

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  • Across all segments of finance, the mean spending on open banking objectives in 2020 was €32 million.
    • The spending was significantly higher for retail banks and wealth management firms – at a mean of €84 million and €79 million, respectively.
  • The pandemic played havoc with budgets in 2020, and executives spent less than they’d initially budgeted. But this year, investor confidence is back up and open banking is high on the agenda.
  • Although one third (30%) of executives say budgets declined in 2021, the largest chunk (46%) indicate that their budgets have grown year-on-year.
  • As to where the money might be going, financial executives have set their eyes on a broad set of open banking use cases:
    • Payment initiation services comes out on top as the most important use case across all segments.
    • Opportunities to improve the customer experience follow, with use cases related to financial management and onboarding.
    • Risk-related use cases also rank high – especially for retail banks, credit institutions and mortgage providers who consider these ‘extremely important’.
    • Differentiators and add-ons (such as subscription management, loyalty programmes, targeted advertising) rank lower on the list – although they are still important for a majority of respondents.

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We also explore how open banking is tearing down barriers and allowing new players to enter the market – meaning financial institutions should move fast to keep a competitive edge. The full report (which you can download as a PDF) dives a bit deeper in the results, analysing the industry context and our own take on what might explain the results. It also includes additional interviews with three industry thought leaders, and some practical tips for staying ahead in this fast-moving space.

Continue to the full article --> here


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