BankingVirtual BankingLendIt Fintech Releases In-depth White Paper on the State of Open Banking

FTB News Desk FTB News DeskOctober 17, 20186 min

Why today’s early implementation steps are leading to a financial revolution

LendIt Fintech, the world’s leading conference series dedicated to financial services innovation, today released its comprehensive white paper on open banking.

LendIt Fintech conducted this study to provide an in-depth look into how far Open Banking has progressed, and how great an impact it will have on the financial landscape. Through research into banks’ developer websites, the latest offerings from commercial banks, fintechs and internet brands, and industry interviews, LendIt affirms the likelihood that Open Banking will restructure the industry in terms of business models and services created through collaboration.

“We are excited to share our findings with the industry,” said LendIt Fintech CEO Bo Brustkern. “We think it’s vital to address the fundamental question of exactly what steps a company must take in this era of open banking in order to play a leading role and remain competitive.”

LendIt Fintech interviewed several companies for the study, including PwC, Railsbank, Bud, Deposit Solutions, OakNorth and NACHA. More than thirty other companies are identified for their leading efforts in open banking including Fidor, Fiinu, QED Investors, solarisBank, Spiir, Starling Bank, Monzo, Yolt, Visa, Mastercard, HSBC, Barclays, RBS, BBVA, PayPal, Chase, Intuit, Wells Fargo, Zero, Finicity, TrueLayer, ForgeRock, Sainsbury’s, Tesco, Apple, Google, Facebook, Alibaba and Tencent.

Speaking to LendIt Fintech, Jamie Campbell, Head of Awareness at Bud, said, “If you’re a consumer unhappy with your bank’s service, you can now switch in an instant to a new financial services provider… on an app, without having to transfer your actual bank account.” With power arguably shifting into the hands of the consumer, what’s next for today’s financial services providers, and how can the established banking system keep pace?

To view the white paper, click here.

About LendIt Fintech 

LendIt Fintech gathers industry elites to discuss financial services technology developments. LendIt Fintech has become the largest event in financial services innovation as it hosts three annual conferences, LendIt Fintech USALendIt Fintech Europe, and LendIt Fintech China, and dozens of complementary online and in-person events. LendIt also owns and operates one of the world’s leading industry educational channels, Lend Academy.

For more information, please visit http://www.lendit.com.

Media Contact: 

Caroline Hornby
Marketing & Communications Manager
LendIt Fintech
caroline@lendit.com
+1-646-930-6366

SOURCE LendIt Fintech

RESOURCE URL

https://www.prnewswire.com/news-releases/lendit-fintech-releases-in-depth-white-paper-on-the-state-of-open-banking-817790390.html

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