Tink launches a new research report on the open banking revolution

By Joy Dumasia

Tink, Europe’s open banking platform, published new research that reveals that despite growing positivity, the complete implementation of open banking will take financial institutions many years to realise.

The survey of 308 executives across 12 countries found that four in ten (40%) believe it will take their institution between 5-10 years to realise its open banking objectives. A further 37% believe it could take over a decade. Of those surveyed, executives in Spain (37%), Italy (34%), and France (30%) were most optimistic about their open banking timescales predicting their institutions’ objectives can be completed in under five years.

Meanwhile, with the UK a trailblazer for the open banking movement, it is unsurprising that its executives are optimistic about completing their open banking objectives, with over one in four (28%) expecting their institution to deliver on its objectives in under five years. 

Financial institutions in Belgium (87%), the Netherlands (85%) and the UK (81%) are most optimistic about open banking. What all three have in common is a competitive and innovative financial services ecosystem with a collaborative relationship between TPPs and incumbent financial institutions.

Daniel Kjellén, Co-Founder and CEO, Tink, said: “As an early pioneer of open banking, it’s exciting to see our predictions come true, as the vast majority of European financial institutions are eager to embrace open banking’s true potential. But we know an open banking revolution won’t happen overnight, and we recognise that the pace of change may be slow as institutions grapple with complex transformation projects that could take over a decade to deliver.”

Recently, IBS Intelligence reported that Tink the Open Banking platform has appointed Rowan Taylor as its Chief Revenue Officer (CRO). London-based Rowan joins Tink from AWS, where he spent more than five years leading global financial services sales teams.