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.