A recent survey by Finstra has revealed that 88% of financial services institutions in the UAE plan to introduce open banking in the next one year, clearly indicating these institutions have weighed the pros and cons of the system and have understood that it will change the way banks will handle information about the customers and customers will ultimately by in control of the information. They also acknowledge that the innovations in the financial services domain are being created on open platforms. using open APIs and open source software.
Of the institutions surveyed, 57% believed open banking will have the most impact on corporate banking while 51% said it will be retail banking and payments. Banks among the institutions surveyed felt that open banking will bring in better customer service and experience capabilities would motivate banks to collaborate more with other financial institutions and developers.
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