Nowadays, consumers anticipate doing practically everything digitally. They want to be able to move from “point A to point B” in the fewest clicks possible—typically using a mobile device—whether it’s to create a bank account or obtain a line of credit. Sadly, a lot of financial institutions still fail to provide their clients with the kind of digital experiences they have come to anticipate. Thankfully, Italy is about to change this.
In order to enable banks and financial institutions to fully utilize the potential of Open Finance to develop customer experiences that increase engagement, boost conversion, and foster customer loyalty, Powens, the industry leader in Open Finance in Europe, is bringing its Open Finance expertise as well as its full suite of market-leading Open Finance solutions to Italy today.
Italy is prepared to take advantage of open finance.
Italy’s financial sector has undergone a unique revival in recent years, fueled by a confluence of opportune legislative adjustments, a robust and quickly expanding fintech ecosystem, and rising customer demand for cutting-edge, simple, and efficient digital banking services. The huge, technologically literate population of the nation makes for the ideal background for Open Finance to succeed.
The newly released The Global Open Finance Report provided additional evidence of the tremendous potential for open finance in Italy. According to the research from CBI and PwC, the aggregate number of unique users for Account Information Services (AIS) powered by Open Finance has increased by 64% since June 2021 and by a staggering 564% since June 2020. To take it a step further, consumers with just one additional account were most likely to use account aggregation services; however, as of June 2021, consumers looking to aggregate more than three additional accounts have the greatest growth potential (+28%), indicating a desire among Italian consumers to simplify and streamline their financial lives.
These figures demonstrate one thing: it is now more important than ever for Italian banks and financial institutions to fully embrace the Open Finance revolution, which has seen significant digital change take root in many of the continent’s top financial markets. By establishing a strong presence in Italy, Powens has the chance to take advantage of the country’s already strong digital infrastructure and form alliances with its top financial institutions, assisting them in deploying next-generation customer experiences and bridging the Open Finance gap that currently separates Italy from its European counterparts.
Powens’ proactive move to expand its European footprint into Italy will help the nation’s financial services industry meet the constantly changing needs of Italian consumers while also reaffirming its long-standing commitment to bringing the promise and potential of Open Finance technologies to every region of Europe and beyond. A small number of regional clients who are prepared to lead Italy’s Open Finance movement are already working on it. In the upcoming weeks, case studies demonstrating their success will be released.
Powens: The undisputed pioneer of open finance in Europe
Although Open Finance may seem like a relatively new idea to some in the financial services sector, Powens has been at the forefront of the Open Finance movement in Europe for many years.
The creation of next-generation Open Finance solutions that are fully compliant, streamline, automate, and improve procedures like customer onboarding, identity verification, real-time credit scoring, and instant payments has been made possible by Powens’ in-depth technical and regulatory expertise. This has also significantly decreased (user) error and reduced the risk of fraud.
According to Bertrand Jeannet, CEO of Powens, “In just a little over 10 years, we’ve not only established Powens as Europe’s clear leader in open finance, but also we’ve created a robust dialogue around the power of open finance to fuel much-needed digital transformation across the financial services industry. Our goal is to continue expanding our presence so that we can provide financial institutions with a simple and efficient way to benefit from everything that Open Finance has to offer across Europe—and well beyond.”
But developing innovative Open Finance solutions is only one aspect of the problem. Powens’ has established itself as a pioneer in Europe by standing up for its clients before European regulatory organizations. The Powens team regularly seeks out customer feedback as a best practice to not only inform and influence regulatory choices but also to foresee quickly altering market (and consumer) dynamics to drive its innovation pipeline.
Powens is in a good position to assist financial institutions all around Italy in getting ahead of the Open Finance curve because of these factors. According to Daniele Zini, Business Development Director at Powens, “Growing adoption of Open Finance technology has brought digital transformation to Italy’s financial landscape, sparking rapid innovation, increasing competition, and even motivating banks and fintechs to collaborate to develop personalized financial services, streamlined payments, enhanced safety measures, and much more. However, there is still much room for development, and Powens is prepared to guide Italy into the future of open finance.”
European financial and technological leaders rely on Powens
Over 260 banks and financial institutions from all over Europe are included in Powens’ client list, along with innovative IT firms and market-leading software providers.
The use of a customized combination of Powens’ Open Finance solutions by each customer to meet a range of end-user needs may vary, but there is one thing they all have in common: Powens has made it possible for them to embrace digital transformation and produce automated, effective, and frictionless customer journeys that support business growth.
Powens’ end-to-end Open Finance platform can assist banks and financial institutions in Italy compete at the global level in terms of customer experience by integrating numerous financial data sources, confirming customer identity, and expediting payments.
Are you prepared to discover how simple it is to transition your company to the Open Finance future?
Learn more about the cutting-edge Open Finance platform from Powens by scheduling a demo.