Fintech’s Road to Success May Be Paved with Open Banking

The tumultuous recent history of fintech has left many investors scrambling to identify the trends that have lasting power. For all the sensation caused by advancements like NFTs and cryptocurrency, the crashes that beset some of the fintech world’s most outrageous offerings have prompted real reflection on the future of the industry.

For Jakob Rost, Founder and Chief Executive Officer of Southeast Asian open finance platform Ayoconnect, there’s one pillar of fintech that has a good chance of sticking around: open banking. Rost wrote in a recent article about his firsthand experience with the transformative power of open banking, citing the proliferation of smartphones and growing digitization in traditional financial institutions as reasons for the market to double down on open banking in the future.

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“The growth of open banking in the fintech industry has been remarkable in recent years, with increased acceptance from consumers and financial institutions alike,” wrote Rost. “Looking ahead, the potential for open banking to continue to evolve is immense as the fintech sector relentlessly seeks innovative ways to provide the best possible services to consumers.”