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Open banking is a phenomenon which has been transforming the banking industry gradually but emphatically. The transformation is visible in many cases when a customer sees a new level of services or features offered while sometimes the transformation is not visible to a customer. Customer does not even realize after doing an open banking enabled transaction (e.g. making a payment through a chatting app) that rather than the service provider it is a bank that has served him using its open banking infrastructure.
While Open banking transformation has been quite gradual and silent, there is another transformation event which has been quite sudden and tumultuous. This event called COVID-19 which is going to change the world forever and the banking industry is no exception. Therefore, it becomes important to visualize the impact of both the transformation forces together. In a world disrupted by COVID, Open Banking adoption will potentially have an inflexion point as it will offer avenues to Banks to recover from the COVID impact and cater to customer's changed needs/behavior in post COVID world.