The future of money is open banking

SourceArabian Business
SectorFinancial Services

Fifty-three percent of bank CIOs assess that their business performance is ahead or far ahead of where it otherwise would have been had Covid-19 not become a global pandemic. Sixty-nine percent of banking survey respondents report that business leaders are asking IT to implement higher-value and more-strategic initiatives. Banks that have increased their use of digital channels to reach customers are 3.5 times more likely to be a top performer than a trailing performer. These three numbers tell a story. They are from Gartner’s annual publication 2021 CIO Agenda: A banking perspective. Banks have been transforming for years, and the black swan events of the financial crisis and now the pandemic have only accelerated that transformation. Any mobile banking app that is licensed can become your financial advisor, says Tarabut Gateway CEO One of the consequences of the acceleration of the pace of innovation is that the pace of commoditization has also accelerated. Given the increase in both retail and commercial customers adopting digital channels and more...