Over half of Building Societies see Open Banking as an opportunity

Over half (55%) of CEOs at Building Societies view Open Banking as an opportunity according to a new report published by Whitecap Consulting, in partnership with the Building Societies Association (BSA). 

However, this technology is relatively new and unexplored by the sector with just over a third saying that they have not yet assessed Open Banking’s benefits for their business. Only a further 10% view it as a potential threat.

  • But 35% have not assessed Open Banking yet
  • Digital transformation is viewed as the key challenge for the sector
  • Moneyhub warns that Building Societies could miss out on opportunities by not embracing Open Banking.

More: Open Banking as an opportunity.

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