Barriers & Enablers to Open X Adoption
Privacy and security concerns along with ineffective collaboration efforts may prevent adoption of open architecture. In order to capitalize on Open X opportunities, players need to engage with third party experts to sort out collaboration issues.
Data security and customer privacy are primary concerns, especially for banks, as a breach could result in massive fines and the loss of customer trust.
Majority of banking and FinTech executives consider differences in the cultural mindsets of their organization and their collaborative partners to be a significant hindrance to Open Banking implementation.