New research reveals an increase in spending among Europe’s financial executives, with 47% saying their Open Banking budgets have risen in 2021.
This follows a challenging year in 2020, where financial institutions battled budget restrictions against the race to serve more customers digitally.
Tink’s research – based on 308 senior decision makers at financial institutions in 12 European countries – found the Covid-19 pandemic impacted budgets for 93% of financial institutions, with almost a quarter (23%) revealing the impact was significant.
At the beginning of 2020 executives expected to spend, on average, €50-100 million on achieving their Open Banking objectives.
