The rise of big tech platforms in banking

21st December 2021 | Blogs, Member News

By Saïd Business School

--

The relevance and importance of Open Banking is soaring, with API usage doubling in 2020 in concert with a sharp increase in contactless payments and online banking following the COVID-19 Pandemic. This paper uses interviews with leading industry professionals to build a future-facing picture of the banking sector in light of Open Banking regulations. We find that the rise of the platform business model and the double-edged sword of the new banking regulations provide a window of opportunity for new entrants, but particularly BigTech to play a significant role in the future of banking.

The relevance and importance of Open Banking is soaring, with API usage doubling in 2020 in concert with a sharp increase in contactless payments and online banking following the COVID-19 Pandemic. This paper uses interviews with leading industry professionals to build a future-facing picture of the banking sector in light of Open Banking regulations. We find that the rise of the platform business model and the double-edged sword of the new banking regulations provide a window of opportunity for new entrants, but particularly BigTech to play a significant role in the future of banking.

Learn more:

load more
0