2021 will be characterised by volatility and uncertainty as financial institutions navigate the economic and social impacts of COVID-19. The pandemic has delivered a systemic shock unlike anything seen in the modern era and this will reverberate across banking institutions and financial systems. Open Banking is becoming a strong driver within the financial world and it has the potential to enable communities and individuals to make informed financial choices as they recover from the pandemic's impacts. From the evolution of open banking standards to how banks may approach open banking as a tool to achieve business goals, there are strong signs that the coming year will see open banking become a strategic enabler for financial institutions and the communities and individuals they serve. This drive will also prompt high demand for the connecting interfaces/APIs that power open banking and that will help to build an ecosystem that features a large range of diverse stakeholders from traditional banking and fintech to third party innovators.
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