Security is a primary concern for banks since customer data is an important part of bank’s operation as well as reputation. A customer’s bank account details, transactional and non-transactional data are considered as one of the important aspects to maintain the customers’ trust and to run a successful business. With the emergence of digital financial solutions, keeping up with the security aspects have become easier for the banks.

Fintech solutions are creating a significant impression in the finance services and banking industries, and open banking is expected to be the main component pushing it to become the latest cutting-edge technology.

In September, UK’s Open Banking Implementation Entity reported that the usage of open banking had doubled in the previous six months, reaching over 2 million users. It also highlighted that one in five of 2000 adults surveyed started using online banking apps during lockdown for the first time, with more than half now using them regularly.

As per PwC Open Banking Report, 71% of UK SMBs and almost two third of adults will adopt open banking by 2022, creating a £7.2 billion revenue opportunity.