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Nearly 90% of the UK and European bankers surveyed believe the millennials will be using a single aggregation portal to access a variety of financial providers, eroding the relationship banks currently enjoy with customers. The Payments Services Directive 2 (PSD2), which comes into effect in January 2018, requires financial institutions to make customer data available to third parties.
Bankers almost unanimously (93%) believe that open banking will bring a deluge of new customer data that will revolutionize how analytics will be used to create more customer-centric financial services. 73% believe that predictive analytics and machine learning will become the most powerful means through which to win bank customers over the next five years. Commenting on the survey finding, Earnix CEO Udi Ziv said: "Open banking is a game-changer for the financial services industry. Traditional banking services will be redefined, becoming more personalized and customer-centric. We believe that incumbent banks have a unique opportunity to excel in this new environment, and we are helping them deploy advanced analytics that leverages the gold mine of customer data they already have."
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