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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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Open Banking in the UK has been progressively building momentum in the four years since its launch. There are now over five million regular users, with 2021 seeing a 60% increase in new customers - making it Open Banking’s most significant growth period to date. But that hasn’t stopped murmurs from the sceptics. To quote one neobank boss, “custom...
21 February 2022 /payments /predictions
Andrew Beatty Head of Wealth, Retirement & International at FIS
In 1776, Adam Smith proclaimed in the Wealth of Nations that “Consumption is the sole end and purpose of all production.” [1] Since then, academics, governments and others have tried to predict and model consumer spending. However, the reality is that even at the personal level it can be challenging for individuals to predict and plan their own sp...
11 February 2022 /retail /inclusion
Martin Wilson Chief Executive Officer at OneID
January marked four years since the introduction of Open Banking. Although industry take up was initially slow, 2021 proved to be a catalyst for the initiative. In the past year, there has been a 60 percent increase in new Open Banking customers, totalling 3.9m consumer customers and 600,000 small business customers. Furthermore, with 1 million re...
10 February 2022 /wholesale /identity
David Ritter Director, Financial Services Strategy at CI&T
Not long ago, “open banking” seemed like something unimaginable. As new digital technologies increased, the level of cyber risk also evolved. So financial data, always considered highly sensitive, became even more top secret – and certainly not for sharing. But things have changed. With the ever-growing rise of fintech, bank apps, online trading ...
13 January 2022 /retail
Rolands Mesters CEO at Nordigen
Open Banking is celebrating its 4th birthday today in the UK. Four years on, and it is still growing and developing into an exceptional alternative to traditional banking. This is great news for all Open Banking service providers. Since Open Banking was first established in the UK in 2018, many changes have occurred that challenged our approach to...
13 January 2022
January is known as being the most depressing month of the year and a large reason for this is the leftover financial strain put on us due to the holiday season. For many people the winter holidays are a time for gifts and activities with loved ones. Everyone knows it’s also one of the more expensive times of the year, with many Europeans spendi...
05 January 2022
Disclaimer: I’m incredibly biased. I’m a strong advocate for real bank APIs and I’ve commented before on just how flawed I think screen scraping is. Screen scraping is still being used to this day, despite expert opinions, such as the one in a recent article by Behaviosec, revealing frightful facts about the technology. Regulators have investigate...
14 December 2021
Anna Serebryannikova Senior Account Director at DataArt
The open banking industry is thriving. It can significantly alter how banks and their clients interact, offering both scale and considerably greater speed. Open banking connects banks, third parties, and technical providers – enabling them to simply and securely exchange data to their customers’ benefit. Regulators, predictably, have promoted thi...
10 December 2021 /payments /wholesale
The payment landscape has become increasingly competitive, with a growing number of payment options appearing in recent years. Now, with the establishment of alternative payment choices, the Visa and Mastercard duopoly is challenged from all sides. Amazon recently announced that they will stop accepting UK Visa card payments and Visa has responde...
29 November 2021 /payments
Jessica Bayley Head of Marketing at Acquired.com
Over 60 countries globally have open banking initiatives live or imminently planned. The legislation that enabled open banking in the UK came into place in January 2018 and currently 8% of digital customers are estimated to be using Open Banking in their daily lives – to put this into perspective 16% of people use Apple Pay and Google Pay which we...
09 November 2021 /payments
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