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The Open Finance Paradox (4 Keys Themes)
Research Findings: Highlighted distinctly different approaches to, and ambitions, for open finance amongst financial services competitors. A competitive gap has emerged as innovators accelerate and laggards trail.
Financial institutions are set on becoming customer-centric and open finance presents many opportunities, yet, it is often ignored as a powerful lever. Incumbent banks are focusing their investments elsewhere.
Many decision makers don’t have the evidence that their customers want open finance and so aren’t pushing to provide it as the risk is too great.
Each industry player moving towards open finance has ambitious plans for the next six months and is confident in achieving them. But are they acting quickly enough to close the gap with those who are pulling ahead of the field?
While all players are now able to talk confidently about innovation, there is a clear execution gap. Those who are best-in-class innovate as a BAU activity and have a laser focus on staying true to their purpose and customer needs.