Finastra research reveals that nearly nine out of ten (88%) financial institutions in the UAE plan to enable Open Banking in the next 12 months. The demand from UAE banks for further collaboration is driven by innovation in customer service and the customer experience. However, the main factors challenging greater industry collaboration in the region, according to those surveyed, include potential reduced control indecision-making (48%), complex regulation (47%) and legacy systems (46%).
The findings are revealed in Finastra’s Open Banking and Collaboration: State of the nation survey 2020, which was conducted before the Coronavirus outbreak among 774 financial institutions across the United States, United Kingdom, Singapore, France, Germany, Hong Kong and the UAE. More than 100 responses were gathered from financial institutions in the UAE.
Wissam Khoury, SVP and General Manager MEA and APAC at Finastra, said: “It is encouraging to find strong levels of support for the principles of industry collaboration and Open Banking within the UAE banking community. The biggest benefit for the masses is that Open Banking changes how banks handle customers’ financial information, putting control back in the hands of the customer.”
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