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March 7, 2019
Will value be the key to unlocking consumer trust?
Open banking is gaining momentum globally, and is creating opportunities to develop new services that can enhance consumers’ lives and drive loyalty. To fulfil this potential, banks must ask their customers to put faith in a new delivery model, one that opens their financial data to an ecosystem of partners in return for a better experience. EY’s Open Banking Opportunity Index, which measures the potential for open banking to succeed across 10 different markets, finds that consumer sentiment toward open banking could be a major factor affecting its progress — even in those markets that have established a strong regulatory and innovation environment. Hamish Thomas, EY’s EMEIA Payments Leader and UK Advisory Banking Technology Leader, explains.