Finastra: Financial Services State of the Nation Survey 2022
Finastra’s research amongst 758 professionals at global financial institutions and banks reveals that Open Banking and Open Finance are increasingly seen as essential, with over 3 in 5 regarding them as a ‘must have’. Institutions are open to these industry shifts and aware of the benefits that they can bring, with the UAE leading the way in terms of openness to Open Banking and Finance.
Looking at wider technological trends, our research also found that Banking as a Service (BaaS) and embedded finance are already firmly rooted in the financial services sector, with demand for these technologies amongst institutions largely being driven by customer expectations. As a result, institutions are boosting their efforts to improve or deploy these more innovative business models.
Download the report here to learn more.
Global findings
The journey to Open Finance
From the challenges and benefits of collaboration to the technology investment strategies and drivers in today’s uncertain economic environment, find out how institutions view the world - and what’s most important to them.
US
Finastra survey shows most US financial institutions consider Open Banking essential, with a new focus on shared data and infrastructure
56% of US respondents regard open finance as a ‘must have’, up from 45% in 2021, with 82% believing that shared data and infrastructure will become a key part of the strategy for the move to Open Banking and Finance
Hong Kong
Finastra global survey shows appetite for open finance in Hong Kong against backdrop of constrained investment
Global financial centers share Hong Kong’s views on importance of open finance
Singapore
Finastra global survey shows appetite for open finance in Singapore against backdrop of constrained investment
Global financial centers share Singapore’s view that Open Banking and open finance are a ‘must have’
UAE
UAE emerges as a global leader in appetite for financial services innovation, according to Finastra survey
71% of financial institutions in the UAE regard open finance as a ‘must have’, up from 50% in 2021; 94% agree it’s making financial services more collaborative
France
Finastra survey shows growing appetite for open finance and increased collaboration in France
42% of financial institutions regard open finance as a ‘must have’ (up from 32% in 2021); 85% agree it is making financial services more collaborative
Germany
Finastra survey shows growing appetite for Open Banking and finance in Germany, yet institutions remain cautious
Over a third (34%) of German financial institutions regard open finance as a ‘must have’, up from 24% in 2021; 79% agree it’s making financial services more collaborative
1 758 professionals (at managerial level) at financial institutions and banks across France, Germany, Hong Kong, Singapore, the UAE, the UK and the US, were surveyed. These financial institutions represent a gross total of just over USD$28 billion in turnover over the last 12 months, employ approximately 1.9m staff and have approximately 147 million client/customer/member relationships.
2 As a result of rounding up percentage results, the answers to some questions might not always add up exactly to 100%. Respondents were also able to select more than one answer for some questions.
3 Comparative analysis was made from results of similar surveys run by Finastra in March 2021 and January 2020 which were also conducted online amongst financial institutions and banks across the same markets.
4 Research was conducted by Savanta via an online panel (end of August to early September 2022).
For further information contact: PR@finastra.com
