"Consumers don't know open banking, they know the end solution and how it benefits them."
The relationship between fintechs, banks and consumers will start to shift into a new direction. Open banking will fundamentally disrupt the conventional way of how banks manage relationships with their customers, following the momentum and adapting to increasing innovations rather than sticking to the life-long customer base. Whilst the majority of banks have started to adapt to the regulations of Open Banking, some are still against the change and thus choose to ignore the new revolutionising way of payments. With a rise of challenger banks and the further adaptation of traditional banking to the new PSD2 requirements, what does this mean for the consumers? Bhupinder Saini of Openitio talks about how new and old players should focus on usability first.
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