I have talked to bankers that are less keen on allowing data sharing because they don’t want competitors to have that kind of insight. That is a very short-term view. If you take that position, you’re not looking out for the best interest of your customers, and if you’re not looking out for the best interest of your customers, you have another whole host of problems that manifest themselves in other ways.
A recent study concluded there are first-mover benefits for banks that embrace open banking. But many executives see its risks instead.