Open Banking

Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.

Jonathan Westley Chief Data Officer, Experian UK & EMEA at Experian

Open banking is key to improving people’s financial health

The launch of open banking in 2018 promised to forge a new way for financial services. It was a bold statement of intent, and the reality is that it was never going to be possible to get people excited about what was essentially a change in the ‘plumbing’ of the financial services sector. However, three years and one pandemic later, people are rea...

17 May 2021

Alex Robinson Fraud Analytics at TSB

Will Open Banking lead to the Next Wave of the UK's Fraud Epidemic?

As Open Banking (OB) in the UK prepares to accelerate, have the fears around security and fraud risks gone away? When OB launched to great fanfare in 2017, there were concerns from banks about the security and fraud risks - have these materialised, been mitigated or do they remain, lurking in the shadows? When OB launched in the UK it was meant t...

12 May 2021 /payments /crime

Laura Francis Head of Brand and Marketing at Form3

Is Open Banking all it claims to be?

Open banking is becoming more widespread. The UK’s OBIE (Open Banking Implementation Entity) reported that the number of open banking users doubled from January to September 2020. With the EU looking to introduce open banking in the coming years, some reports claim that open banking has ‘delivered on every count’. But despite its impressive growt...

23 April 2021 /payments

Joris Lochy Product Manager at Intix | Co-founder at Capilever

The partnership manager - A new key role in every bank and Fintech

Thanks to Open Banking, embedded banking and banks positioning their apps as super-apps, the financial sector becomes more and more an ecosystem of parties collaborating together to execute upon a customer’s journey and needs. As a result, more and more banks and Fintechs sign partnerships with other financial players and players from other industr...

29 March 2021 /people /startups

Tom Greenwood Founder & CEO at Volt

Short-term gain for Visa and Mastercard creates a silver lining for Open Banking

Whatever side you were on in the Brexit debate, it’s hard to imagine any merchant welcoming reports of the card schemes quintupling fees for cross-border payments between the UK and EU. No longer constrained by the EU’s cap on interchange fees, Visa and Mastercard plan to increase their interchange to 150 basis points (bps) for credit card, and 115...

26 March 2021 /payments /regulation

Josh Rix Director at Woodhurst Consulting

Open Finance - Reducing the complexity of insurance

One of the biggest challenges when purchasing insurance is the complex nature of the product. Many customers are put off by the sheer volume of data they must enter, only to receive lengthy policy documents filled with jargon. In fact, less than 50% of customers understand what factors determine the price of their insurance policies. The Insurance...

23 March 2021 /retail /startups

Steve Morgan Banking Industry Market Lead at Pegasystems

How banks can take advantage of Open Banking to increase customer retention

Open Banking now has three million active users in the UK as of January 2021 according to the Open Banking Implementation Entity. However, since PDS2 came into force, the big transformation that was expected has not come to fruition. The directive paved the way for data sharing from multiple accounts from different providers, helping people with ...

22 March 2021 /retail /inclusion

Retired Member 

Beating the banking disruptors with digital decoupling

Today’s consumers of financial services know what they want, and that’s a customer experience that is both fast and frictionless. If they can’t get this from traditional banks, then there are any number of digital alternatives out there ready to deliver this service. Banks understand the nature of this challenge all too well. They don’t need to b...

16 March 2021 /devops

Josh Rix Director at Woodhurst Consulting

Open Finance - reimagining mortgages

Today, getting a mortgage on a property is a cumbersome process. The worst part is that consumers don’t even want to purchase a mortgage – they want to buy a house. The mortgage is, unfortunately, a necessary evil. Consumers highlighted three key challenges with the mortgage process today: 49% find the application and approval process too long 34%...

15 March 2021 /retail /startups

Peter-Jan Van De Venn VP Global Digital Banking at Mobiquity

Open banking will only succeed if consumers are 'onboard'

Banking is open for business Open banking is mutually beneficial for banks and consumers. It provides an opportunity for banking providers to retain and grow their customer base, by offering consumers access to better and more targeted financial advice, services and products. Open banking has the potential to generate an accessible and personalise...

09 March 2021 /regulation /retail