3 open banking trends that will change financial services
From mergers and acquisitions to VRP and more, these trends will have a major impact on the state of financial services
Open banking has come a long way in a relatively short time. Brought into force with the passage of PSD2 in 2018, open banking has helped countless financial services firms develop innovative data and payments products. Today, it touches every corner of finance, from personal finance to wealth management and more. And it shows little signs of slowing down. In the UK, there are more than 5 million open banking users, with adoption rates accelerating. It's forecast that more than 28 million Europeans will use open banking services by the end of 2022. In fact, the European open banking market reached a $6 billion valuation in 2020; by 2030, it’s set to pass $48 billion.With great growth comes great opportunity, so how will open banking change to meet its potential? Here are three trends that I think will shape the sector in the coming years.