Fiserv Insights: Banks Find Opportunities and Challenges As They Move to Open Banking

A September 2018 Fiserv-sponsored open banking survey of financial institution decision makers in the U.K., France, Poland and Australia highlighted banks are finding opportunities and challenges as they move to new ways of working.

Open banking is taking root around the world, particularly where governments have mandated banks adopt open application programming interfaces (APIs) that let trusted third-party developers build applications around bank-held data. The goal is to create fintech ecosystems to give consumers more transparency and options for accessing account information and initiating payments.

But how prepared are banks in the European Union, the U.K. and Australia to comply with regulatory mandates and thrive in the new open banking environment?