Finastra: Financial Services State of the Nation Survey 2021
Finastra research amongst 785 professionals at global financial institutions and banks reveals that most organizations are already deriving the benefits of Open Banking and Open Finance, with the latter considered the natural evolution or the next stage of Open Banking for the sector.
Finastra research amongst 785 professionals at global financial institutions and banks reveals that most organizations are already deriving the benefits of Open Banking and Open Finance, with the latter considered the natural evolution or the next stage of Open Banking for the sector. Looking at wider technological trends, our research finds that Banking as a Service (BaaS) and embedded banking services will have a notable impact on the financial services sector; with evidence that these initiatives have already started ‘paving’ the journey to true Open Finance and helping to develop and enhance the services financial institutions are able to provide to their customers. We also explore which technologies will be the most sought after this year for banks and financial institutions, as well as the impact that the pandemic has had on the industry.
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Global
How is the journey to Open Finance stacking up?
Finastra research of 785 professionals at global financial institutions reveals that Banking as a Service (BaaS) and embedded banking services are set to have a notable impact on the industry in the next 12 months.
1 785 professionals (at managerial level) at financial institutions and banks across France, Germany, Hong Kong, Singapore, the UAE, the UK and the US, are included in our 2021 research. These financial institutions represent a gross total of just over USD$34 billion in turnover over the last 12 months, employ approximately 2.4m staff and have approximately 237 million client/customer/member relationships.
2 As a result of rounding up percentage results, the answers to some questions might not always add up exactly to 100%. Respondents were also able to select more than one answer for some questions.
3 Comparative analysis was made from results of similar surveys run by Finastra in January 2020 and March 2019 which were also conducted online amongst financial institutions and banks across the same markets (the 2019 survey did not include the UAE or Hong Kong).
4 Research was conducted by Savanta via an online panel (during March 2021).
For further information contact: PR@finastra.com
