Open banking in Italy? A phenomenon on the rise. Tink, the leading platform in the continental sector, has released the results of a new survey that reveals how – despite the growing propensity of banks towards this reality – its complete implementation will take financial institutions many years to be carried out. .
Open Banking: i dati in Italia
Three points that explain more than anything else the situation internally:
- More than three in four Italian financial executives (77%) believe that open banking is having a revolutionary effect on the financial services sector;
- the positive sentiment towards open banking continues to grow in Italy – from 57% in 2019 to 71% in 2021;
- In Italy, 23% of financial executives predict that it will take more than a decade to complete their open banking goals. Another 43% believe it will take 5-10 years and 34% think it will take less than 5 years.
Data in Europe
Instead, these are three points that shed light on the issue at European level:
- According to 40% of the institutions interviewed, their organization will take 5 to 10 years to achieve their objectives on the target, and a further 37% believe that it could take more than a decade;
- Looking across industries, challenger banks and wealth management firms are the most optimistic when it comes to timing, as 75% and 74% respectively believe their institutions’ open banking goals can be achieved in less than a decade. At the more cautious end of the scale, only 55% of mortgage providers, 56% of credit providers and 57% of payment service providers believe they can reach open banking maturity within a decade;
- Financial institutions in Belgium (87%), the Netherlands (85%) and the UK (81%) are the most prone to this phenomenon. Not surprisingly, what all three markets have in common is a competitive and innovative financial services ecosystem with a collaborative relationship between TPPs and historical financial institutions.