Weekly Wrap: Examining the state of U.S. open banking and FIs eye partnerships

More than 70% of executives predicted that spending on banking innovation will increase in the next two years and that the industry is poised for growth, according to a recent INV Fintech survey. Many financial institutions will be looking for fintech partnerships to accelerate that development, with 76% reporting that they will seek out more partnerships with fintechs in the same timeframe. Meanwhile, the Bank Innovation team dug into the depths of the regulatory labyrinth that is Dodd-Frank to look at the state of open banking in the U.S. and how the promise of an open financial services infrastructure is influencing banks’ innovation strategies. Find this and more in today’s edition The Weekly Wrap, featuring Bianca Chan, JJ Hornblass and Jon Dobson, chief executive of PayRecs, for the week ending Aug. 21, 2020.