Report and Research

The financial services industry is changing rapidly thanks to the emergence of new actors and technologies that have bolstered the development of a collaborative ecosystem and new business models at an unprecedented pace. This evolution has captured the attention of governments which, in several countries, actively support the market either via the introduction of "Open" regulatory frameworks or, through high level guidelines that facilitate the adoption of new services and the development of new products.​

In this context, Open Finance is a relatively recent phenomenon, born as an extension of Open Banking and perceived as a significant opportunity for consumers and businesses to access new financial services based on data connectivity and the interoperability of an open and more competitive Ecosystem.​

This Report has been analyzed with the aim to provide a comprehensive overview on Open Finance, with a particular focus in the following sections:​

• Open Finance at a Glance: introductionto the lesson learnt from the recent Open Banking report and reflections on how the environment is evolving in the current Open Finance paradigm
• European Context – Offerings, actors and trends: overview on the European Open Ecosystems with a major focus on the market players, API offerings and insights on EU Collaborative initiatives
• Italian market key figures & CBI role: analysis on the Open Finance in the Italian landscape, with a focus on both relevant market trends and CBI role in the domestic Financial Services industry;​
• Open Banking and beyond – Relevant use cases: overview on selected use cases from best-in-class market players providing innovative and disruptive services/products;​
• Towards an Open Future: key indicators from the consolidated use of Open Finance in the financial sector on a global level, including new practices and use cases;​
• Final Remarks from the Market: market opinions from CBI Board Members, Key Market Players and Italian Institutional Players on the state of Open Finance.​

Financial Service Industry is living an in-depth transformation both from a technological and regulatory standpoint. This transformation is leading financial players towards new Business Models and the possibility to develop always more innovative solutions to fight and enhance competitiveness in the Financial Services arena, especially in the medium-long term. This new paradigm ground its basis on an ecosystem logic, where the value for final client is usually created through a collaborative approach among players which operates within the same sector or even cross-sectors: “Open” models originates from the creation of such collaborative ecosystems, based on the twofold sharing of data and services. The Report has been realized with the aim to provide a comprehensive overview on Open Banking, in particular, it includes the following sections:

• Open Banking at a glance: overview on objectives/drivers and key players of the ecosystem;
• Global benchmark: spotlight on initiatives at global level, with a focus on drivers that led countries to approach Open Banking;
• European Context: offerings, actors and trends: overview on APIs offering from leading European players and additional insights on collaborative and standardization initiatives;
• Italian market: key players & CBI role: overview on key players in the market with a focus both on relevant market trends and CBI role in the ecosystem;
• Open Banking and beyond: relevant use cases: overview on selected use cases from best-in-class market players;
• Towards Open Finance: conclusion and outlook on Open Finance;
• Interviews to CBI Board Members, Italian Market and Institutional Players: opinions from CBI Board Members, key Open Banking players CEOs and Italian Institutional Players.