Open Banking Forum unveils future of $22.5tr global financial industry

Open Banking Forum unveils future of $22.5tr global financial industry

The face of the $20.51 trillion global banking industry and the payment industry is changing rapidly due to the Open Banking revolution that is unfolding worldwide to become a $43.15 billion business worldwide by 2026. From simple payment transactions, the industry is moving towards invisible pay that is easy, fast and invisible, as the industry re-discovers itself from a money-driven to a data-driven operation. “Pandemic after-effects fueled industry transformation to a new era as payments become embedded, immersive and out of sight,” said World Payments Report 2021 by Capgemini published recently. “Embedded pay includes payments within products/offerings to enable convenient, personalised customer experience.” Banking and financial services are soon going to be faceless, touchless and seamless experience for the customers where transactions and processes are going to be fully automated, nearly effortless and painless experience, delegates at the 2nd Open Banking Forum have learnt. Organised by Cogent Solutions Event Management (CS Events), the 2nd Open Banking Forum, being held at the Dusit Thani Hotel, Dubai, examined the overall digital disruption in the banking sector in the Mena region as experts painted the picture of how the future of banking experience is going to be like. Open Banking is a technology-powered