The adoption of open banking services at incumbent banks around the world is set to see a significant upswing, according to a recent report written by the Economist Intelligence Unit (EIU) and published by banking software company Temenos.
The EIU conducted a survey of more than 300 global banking executives. It found that nearly half (45%) plan to transform their business models into digital ecosystems, which in addition to offering third-party products may lead to incumbents partnering with open banking players. Strategies in the pipeline for open banking hub initiatives were mentioned by 29% of respondents, rising to 32% in Asia and 36% in Africa and the Middle East.
