Exploring opportunities presented by Open Banking & Open Finance within US retail financial services

This briefing paper seeks to provide an overview and outlook for Open Finance globally, giving consideration to the US market.

A convergence of factors has ignited fintech growth, driving the adoption of both Open Banking and Open Finance globally. Whilst the adoption of Open Banking and Open Finance has yet to proliferate the mass market, the rate of adoption is notable, presenting clear opportunities for driving growth. 

New Fintech entrants, able to react to regulatory developments and less constrained by legacy systems are actively disrupting the financial services sector. In response, incumbents have sought to leverage their scale, driving innovation through a combination of strategic partnerships and internal investment.

The state of play in the US demonstrates that while nation-wide regulations do not currently exist, in contrast to the UK and Europe, US fintech has not suffered and embraces API-based solutions for existing problems and creating innovative new products. Several notable disruptor companies are pushing the Open Banking and Open Finance agendas and recognising the importance of partnerships in reaching Open Finance's full potential.

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