Open Banking has allowed for greater innovation in how consumers manage their finances, prompting less tech-savvy organisations to adapt to new ways of working or risk being left behind.

However, Open Banking has received mixed responses from those in the financial services industry. While some organisations have embraced Open Banking and the opportunities it can create, others have taken a more cautious approach, focusing purely on compliance rather than transformation projects.

As a result, progress has at times been slow. But almost four years after regulations were brought in, what impact has Open Banking had, and how will it develop in the years to come?

This report brings together insights from two industry expert in order to explore the state of play of Open Banking: how have financial services organisations reacted to the regulations, what vendors are they using, and what challenges have they faced in both complying with regulations and harnessing the opportunities they can create?

It will examine both the attitudes of consumers towards Open Banking and Open Finance and also what financial institutions, both incumbent and challenger, have gained from the technology, and what they hope to gain moving forward.

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