New Studies in the Developed world shows big increase in open banking.
Business Insider Intelligence’s latest report, The Global SMB Neobanks Report, shows that digital-only banks with industry-leading capabilities that do not operate physical branches or rely on legacy back-ends (known as Neobanks) have recently increased their business rapidly. Europe has been the most friendly towards Neobanks, followed by Asia. The USA has dragged its feet but recently has started to remove the regulatory barriers that protect traditional banks. Meanwhile, a new survey by Ipos MORI and the Open Banking Implementation Entity (OBIE) reports that 50% of small- and medium-sized businesses (SMEs) in the UK are now using open banking providers’ services, and 60% of these SMEs began using these services during the COVID pandemic. 90% cite COVID as the principal reason for their adoption. This is in line with the growth of open banking services adoption among UK consumers during the pandemic: The number of monthly active users in the UK has doubled to 2 million this year.
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