Open banking enables financial services commercial customers to share their financial data securely with banks and third parties, making it possible to easily transfer funds, compare products and manage accounts using application program interfaces (APIs). According to the study by global professional services company Accenture, 90 per cent of large banks in Asia Pacific said they plan to provide open banking services for their commercial clients, and half (50 per cent) of the regional banks expect the service will help them grow their revenues by up to 10 per cent. Another one-third (33 per cent) expect it will help them grow their revenues by up to 20 per cent. The report, “Opening Up Commercial Banking, The Brave New World Of Open Banking in APAC”, is based on a global survey of more than 750 executives at global banks, small- and medium-sized enterprises (SMEs), and large corporations. Among other key findings: Commercial bank customers in Thailand often want the same thing other bank customers want – more-innovative processes and a better customer experience – which open banking can facilitate. When asked to identify the most significant benefit of using an open banking ecosystem platform, respondents most often identified reducing complexity and… Read full this story
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