- “Banks and financial services institutions face increased competition not only from peer organizations within the industry, but also now from FinTech startups, Neobanks, and others. The way to compete is to deliver highly personalized services and innovative offerings. And increasingly, the way to do that is using AI/ML to derive data-driven insights upon which those services and offerings can be based.
- The potential for industry disruption is enormous. Open banking enables the exposure of customer financial data via APIs, extending an organization’s reach far beyond traditional financial services institutions. The open banking market is expected to reach $43.15 billion by 2026, growing at a compound annual growth rate (CAGR) of 24.4% through 2026, according to Allied Market Research.”