ebankIT launches “Innovate to Compete: Open Banking Report 2023”

ebankIT announces the launch of its new report “Innovate to compete: Open Banking Report 2023”, which details the ways in which open banking can help promote competition, drive innovation, and improve access to financial services.

The report states that European financial services companies spent an average of 32 million euros in 2020 on Open Banking goals, and 71% of executives now see open banking favorably, compared to 55% in 2019.

The report further illustrates the potential and benefits of Open Banking with a case study centered on the UK, which has 6.5 million active users of Open Banking-enabled products. As one of the leaders in Open Banking, the UK has a robust ecosystem that other nations, such as Brazil, have quickly copied to embrace open banking.

Renato Oliveira, CEO of ebankIT shares, “Open Banking has the potential to revolutionize the banking industry and create a more secure, transparent, and accessible financial system. This new report serves as a valuable resource for anyone looking to understand and navigate this new landscape.”

According to the report, 416 billion dollars are at stake as open data is taking over the world. This research aims to give financial institutions the necessary means to start their transition to open banking.

The report is available now and can be accessed through ebankIT’s website