Finastra Research: Open Finance Platforms are Making Progress

 

Finastra revealed a sneak peek at its annual State of the Nation Financial Services research.

Results point to the significant progress the industry “has made around open finance and collaboration, despite the challenging market conditions of the last few years.”

The research takes in views from 758 professionals “at financial institutions and banks across France, Germany, Hong Kong, Singapore, the UAE, the UK and the US,” and finds:

  • 85% of professionals agree that open finance is already making the industry more collaborative and is having a positive impact
  • 8 in 10 consider the sector open to collaboration, with 87% recognizing this as an improvement compared to five years ago

Simon Paris, CEO at Finastra, said:

“These compelling figures speak to a marked industry shift towards ‘open’ and reflect our journey, creating ways to innovate at scale and pace, and accelerate innovation through collaboration. In 2018 we declared that the future of finance is open. And we weren’t just talking about Open Banking, but true open finance – disrupting and reshaping the foundation of financial services. That future is now, and we can simply say: finance is open.”

In the last few years, the industry has “seen the unbundling of banking, with institutions offering products procured outside of their organization, a move to contextual and conscious banking services which meet the customer at the point of need, and a greater desire from many companies to do well by doing good.”

All of these “form part of the shift to open.”

The encouraging research findings “coincide with the launch of season two on Finastra Universe TV – a new series of on-demand digital thought leadership videos exploring this world of open finance.”

Open technology: Collaborating to innovate

An open platform and open and collaborative ecosystem “are enablers for fairer and more accessible banking services.”

Finastra’s Banking as a Service (BaaS) strategy is “focused on orchestrating a financial ecosystem that creates economic growth via greater accessibility to affordable financial services.”

This is underpinned by FusionFabric.cloud – “an open platform for innovation and collaboration.”

The platform is “the key orchestrator in driving innovation to Finastra customers, whether they are banks, financial institutions or other fintechs.”

Since its launch, FusionFabric.cloud has “opened up over 300 APIs and datasets, enabling the launch of over 200 fintech applications, now consumed by over 700 customers.”

For more details on this update, check here.

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