Open Banking Is A Must for Millennials, Bankers Claim

  • Grace Noto
  • April 12, 2017
  • 0

It’s crucial for banks to start participating in the finance revolution, especially as millennials are on the hunt for open banking—at least, according to bankers.

According to a survey of 300 banking officials, conducted by Marketforce and Earnix, developing open APIs is becoming more and more crucial to retaining customers.

In fact, 80% of the respondents are expecting “a significant increase in competition” over the next few years, credited to the growing industry focus on open banking and personalization.

As such, most of the banking officials surveyed expect their financial institution to start more heavily investing in tools like data analytics.

Many of the banking executives surveyed also expect this focus to affect other banking operations, such as cross-selling; 73% of survey participants expect banks’ ability to cross-sell to become more difficult as open banking grows.

 

Earnix and Marketforce did not appear to survey millennial consumers for the study results.

The full report can be found here.

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