While integrated telecom services continue to be futuristic in concept, perceived consumer demand for these services is growing, reports In-Stat -- Over half of the respondents to an In-Stat consumer survey indicated a desire to purchase integrated services. Integrated services will allow providers to actually tie what have been disparate networks together (primarily landline, wireless, and voice) and offer a new class of services. Cell-phone/landline integration continued to have the highest positive response, with 62 percent of respondents indicating an interest in purchasing this service, as compared to 51 percent respondent interest in a 2004 survey. "The meaningful way of tying the pieces of telecom services together has quickly evolved from simply single-bill bundling to talk of integrating the various networks customers use into unified, experience-based service offerings," says Amy Cravens, In-Stat analyst. The survey also revealed that the 18 to 34-age bracket, as well as those with household incomes of $100,000 or more, are most willing to pay for integrated services.
The Open Banking business model has been advantageous for Third-Party Providers (TPPs), helping them to extend their offerings into other areas of financial services with new capabilities. Open Banking is also advantageous for traditional banking institutions, despite the perceived loss of custodianship over their data, by providing greater accessibility to more bank services. Furthermore, Open Banking can help serve Mobile Internet providers that are able to leverage it to create tailored services according to customers’ preferences and/or economic limitations. Open Banking Market Development Since traditional banking services are made more convenient by TPPs via greater data access, customers can proactively manage their finances and shape the development of new financial offerings. This is particularly noticeable in the realm of Digital Payments, where retail merchants and customers transact through eCommerce, which has the greatest number of use cases for Open Banking. These includ