Every year, Jack Henry surveys hundreds of financial institution decision-makers about their strategic priorities and technology plans. When asked about open banking, 55% of respondents to the 2021 survey said it wasn’t on their radar while 30% were in the research, planning or development stages.
The survey also found there’s still a great need for education and awareness about open banking, with 33% of respondents saying they weren’t familiar with the concept. Eighty-seven percent of respondents already in the research, planning or develop stages said they plan to deploy open banking by 2023, but will that be too late? There’s a lot of work that must be done to educate, encourage adoption and create urgency for open banking.
Building an open technology ecosystem promotes operational agility and collaboration, enabling forward-thinking credit unions to be more competitive and better positioned for near- and long-term success. As a result, they gain the flexibility to integrate point solutions and leverage the expertise of their open banking partners to introduce highly customizable and scalable solutions to their members and markets more quickly, efficiently and seamlessly.
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