In a financial system besieged by the digital revolution, financial and insurance companies find themselves faced with opportunities and challenges imposed by new technology and with growing competition coming from both inside and outside their sector. For these players it is necessary to commence, or in some cases continue with more resolve, what we call the Open Finance Journey. This report presents an overview of two significant components typical of this journey in Europe. Firstly, it analyses 48 software platforms that enable Open Finance. And secondly, it analyses 256 financial services offered by 55 players that do not come from the world of finance – automotive, retail, utilities and tech companies – but who, simultaneously, add competitive pressure and offer new cooperation opportunities for the more consolidated players.
• What platforms in Europe enable Open Finance?
• How open are they?
• What are the strategies of “external” players entering the finance sector?
• Which financial services do non-financial players offer?
The European Open Finance platforms and their founders