Open Banking Battle a Struggle for Traditional Banks
A recent report commissioned by Pepper, a 100% mobile bank created by Israel’s leading bank Bank Leumi, claims retail banks are seriously concerned about Open Banking regulations and how they can increase competition from tech giants. The report states that 34% think traditional banks as we know them will effectively cease to exist by 2023. The Pepper report also adds not only do retail banks feel disadvantaged, but many still do not truly understand the innovation going on right now in digital technology. Source.