When open banking began sweeping across Europe and other regions, U.S. regulators were more hands off. They put more emphasis on protecting the data rights of consumers than on driving competition, which they left to the market.
The U.S. approach to open banking has parallels in China, which is similarly unregulated. Rather than idly awaiting regulation, U.S. banks are viewing open banking through a lens of innovation, competition, new revenue streams and future growth.
“Forward-looking U.S. banks will see open banking for what it truly is—an opportunity. This comes at a pivotal time as covid-19 has accelerated the shift toward digital payments and open banking, and financial institutions and governments are rapidly adopting contactless and virtual forms of payment amid the crisis.”
This report identifies three major ways U.S. banks can expect open banking to change financial services and recommends a four-step approach to developing an enterprise-wide strategy.
Download the full report to learn how Mastercard can help your organization unlock the value of open banking.