Corporates are preparing for Open Banking
Based on findings from our recent Open Banking for Businesses Survey, 77 percent of SMEs and large corporations already participate in Open Banking ecosystem platforms or plan to do so in 2019. They expect to partner with third-party providers (TPPs) mostly around payments, expense management and B2B services and more than two-thirds are interested in joining Open Banking ecosystem platforms with banks.
Likewise, more than 80 percent of banks already significantly invest in Open Banking use cases for SMEs and corporates or plan to do so. Nearly 90 percent are ready to build an ecosystem platform with third-party services for their commercial customers. It’s an opportunity for both banks and corporates to expand their ecosystems and extend their reach.
- We polled 650+ small and large businesses and 100 global banks to get their take on Open Banking for the corporate sector.
- There is no shortage of opportunities for Open Banking innovation to give corporates greater banking access and expanded reach.
- Gaps exist between what corporates want and what banks expect to provide—differences banks must address if they are to retain segment loyalty.