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75% of banks not ready for open banking

75% of banks not ready for open banking


A recent "Digital Banking Experience" report by Sopra Steria and Sopra Banking Software reveals that 75% of banks are not operationally ready for open banking, despite recognizing its benefits. AI is seen as a critical revenue stream by 52% of global banks and 60% of US banks. The study shows that although 58% of banks claim high digital maturity, many still lag in readiness for open banking. Enhanced data sharing through open banking could foster collaboration between traditional banks and fintechs, with 74% of global banks and 66% of US banks deeming it crucial.


However, consumer trust issues persist, with 51% feeling banks don't help them earn more and 48% believing their financial advisors don't understand their needs. AI is expected to significantly impact customer service and financial planning, with 64% of US banks planning to invest in AI-enabled chatbots and digital assistants to enhance consumer engagement.


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