Open banking is transforming digital wealth – but what’s next for the industry?
Digital wealth providers have embraced open banking, but there’s more to come, say TrueLayer, Investec and Ikigai.
Wealth management platforms like , , , and many others have already built open banking functionality into their online offerings this year. Because of this, their customers, especially retail investors, are seeing the benefits of a more seamless account funding experience.But what now? As much as features like instant bank transfers, powered by open banking, are improving the online payment experience for investors, legacy infrastructure and out-dated tech continue to cause friction and inconvenience for both investors and wealth managers. Is open banking the answer?The insights in this article come from a panel session at the recent AltFi Digital Wealth Forum 2021. .