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Open banking or connected banking is evolving in the U.S. even without a mandate.
Mercator Advisory Group releases new research that considers the state of connected banking in the U.S. and finds opportunities for financial institutions.
Published on: December 15, 2021 Author: Sarah Grotta Alternate Point of Contact: Amy Dunckelmann
There is unlikely to be a mandate for open banking in the U.S., so this report has chosen the term connected banking to better describe the sharing of permissioned data. While many financial institutions see themselves only as a provider of data and therefore at a competitive disadvantage, banks and credit unions are beginning to plan how they may proactively reach out to fintechs and others in the financial services market to pull in data to their and their client’s advantage. “Connected banking has the opportunity to level the playing field between traditional financial services providers and upstarts,” comments Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group and author of the report.
This report has 15 pages and 1 exhibit.
Companies mentioned in this report include: Acorns, Fiserv, Plaid, Envestnet Yodlee, Finicity, FinLocker, Square, Truelayer.
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