Interest in open banking is growing in Italy, but banks are faster

Interest in open banking is growing in Italy, but for 74% of financial executives, banks need to be quicker to innovate. This is what emerges from the new report of the Tink open banking platform, viewed exclusively by milanofinana.it.

The report shows how the open banking market is doing this year and certifies how the accelerated digitization of last year has fostered a growth in interest in this technology, but also signals that Italian financial executives are skeptical that this “digital switchover” is a permanent phenomenon.

Well, on average, 41% of European executives believe the digital transformation in the financial services sector accelerated by the Covid-19 pandemic is irreversible, in Italy 37%. Interest in open banking grew during the pandemic for 69% of Italian executives and according to two thirds of them, Covid-19 accelerated the need to improve digital services.

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The report of the Tink open banking platform also compiled the main business priorities in Italy at the time of the coronavirus: 69% profitability, followed by 66% the need for digital services and customer experience.

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Furthermore, in Europe, 65% of financial executives still believe that banks need to increase their speed to innovate and in Italy this awareness is even more solid, given that the percentage rises to 74%. (All rights reserved)

In the Peninsula, 63% of financial executives still see the transition to digital as a short-term phenomenon and expect things to return to the way they were before 2020. Similarly, only 60% of respondents, compared to a European average of 67%, think that Covid has increased business risk. (All rights reserved)

Source

Interest open banking growing Italy banks faster

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