More than half of executives at large banks across the globe believe that fierce competition in the industry will compel banks to open data access to third parties, according to a report by consulting firm Accenture.

Around 63% of banks in North America said that implementing open banking is critical to keeping pace with new players including fintechs.

The view was reiterated by 51% of bank executives in Europe and 40% in Asia Pacific.

Also, 66% of bank executives expected open banking to create new revenue streams for their organisation, while 90% expected it to boost incremental revenue growth of up to 10%.

Open banking was viewed more as an opportunity than a threat by 71% of respondents at European banks compared to 63% in Asia Pacific and 60% in North America.

Most of the respondents also believed open banking to enable consumers gain easier access to targeted bank offerings.

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Globally, half of respondents expected open banking to raise the risk level in the banking industry. The view was shared by 63% of respondents in Europe.

Accenture senior managing director and head of its banking practice Alan McIntyre said: “Unlike banks in Europe where it is mandated by regulation, those in North America and Asia Pacific have the luxury of deciding if, how and when they will implement Open Banking, and we expect many will do so as a way to more easily offer integrated financial services to customers.

“As European banks ready their networks for compliance, banks across the globe are identifying opportunities to drive new revenue streams by offering services to third parties, such as consumer credit checks and identity management, enabled by Open Banking.”