Open banking within the EU has gained momentum more slowly than many predicted. There are challenges presented by consumer adoption, as well as industry players protecting their market share on competing products, services and schemes. Although the start has been slow, there are promising signs of progress: transaction volumes are increasing, more businesses are implementing open banking solutions, and the European Commission is expected to further refine legislation in this area.
With this in mind, Worldline is happy to present this paper titled “Consumer Finance: The Transformative Impact of Open Banking & Open Finance”.
This paper is a collaborative effort between professionals from the technology, lending and credit risk domains, pooling their insights to shed light on the future of lending and address important topics in consumer protection, privacy, and financial inclusion. By incorporating diverse viewpoints, we aim to offer a valuable resource that explores the changing landscape of consumer finance and offer unique insights that not only examine the present state of affairs but also anticipate future developments.
The challenges are numerous, the opportunities are endless. Let’s explore what the future may hold.