What challenges are holding back banks from exploring open finance?

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Open finance, the consumer-permissioned sharing of financial data among various institutions, has steadily grown in popularity among banks and credit unions in past years. New research from American Banker finds that some of the smaller institutions are the most eager adopters.

Top questions answered in the research

• How important is open finance to bankers?
• What are the drivers of open finance adoption?
• Who are the data providers, and who are the users?
• Where can open finance make its mark within financial institutions?
• What are the top challenges hampering open finance adoption?

Key takeaways

• Security and data-privacy worries were the top identified risks associated with open finance.
• Regional bankers seem to be the most eager to adopt an open finance mindset.

This two-part series dives into the data using interactive charts broken out into these main themes: the organizational significance of open finance and building the framework for open finance.

• Part one: Are banks welcoming open finance with open arms?
• Part two: Coming soon

Featured charts

How important is open finance to bankers?

Where can open finance make its mark within financial institutions?