Open Banking Expansion Hinges on Consumer Trust and Scalability

Financial executives at Randamu, Bruc Bond and Currensea convened August 14, 2025, to analyze open banking’s progression. The roundtable participants anticipate the technology will evolve into a central coordination tool for varied financial applications. Enhanced interoperability could enable financial institutions and fintech companies to generate revenue through secure financial identity management and process automation. This shift may allow firms to offer advanced services. Panelists identified consumer reluctance to share financial details without perceived advantages as a critical impediment to widespread adoption. Bruc Bond's Krishna Subramanyan stressed that backend infrastructure needs to expand to ensure consistent, user-friendly experiences. James Lynn from Currensea emphasized the UK's need to support fintech development and educate the public about the value of open banking. The group highlighted the increasing importance of artificial intelligence and machine learning to derive insights from financial data and promote broader financial accessibility. They agreed that cooperation between traditional banks and fintech firms is essential. These collaborations would facilitate the building of resilient platforms, which ultimately deliver superior customer benefits and propel overall sector advancement.