Open Banking a game-changer for FIs, Earnix – IBS Intelligence

A survey of 300 UK and European bankers by Earnix has found that 72% believe the Open Banking initiative (which comes into force in January 2018 as part of PSD2) will significantly diminish customer relationships. 80% expect a major increase in competition over the next five years as a direct result. Three-quarters state that their bank will need to overhaul their pricing and value models to maintain market share. 90% also said that Millennials will be using services from a variety of providers in future.

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