McKinsey reached out to the CEOs of three innovative fintechs—Ping Identity, Plaid, and Tink—for their perspectives on global prospects for open banking. While these firms address varying perceived pain points in financial services and pursue different business models, common themes emerged across the three interviews. The implications for banks and other traditional financial services firms are far reaching, and warrant thorough strategic analysis.

They found consensus among the three CEOs that while regulation can help provide structure to data sharing, a mindset that prioritizes facilitation over control and restriction will be necessary for all parties to realize its full benefit. Developing business models that foster such cooperation will be critical. Education and a focus on the benefits—along with the risks—will be important to change attitudes and build trust with providers and consumers alike.