The UK Leads the Way in Open Banking – But Can it Retain its Crown?

Open banking is frequently cited as the future of FinTech, emerging as a necessary response to the somewhat opaque traditional banking systems whose shortcomings were highlighted during the global financial crisis. Thanks to a competitive established financial services market and an innovative regulatory approach, the UK has capitalized on this new sector, and is now home to a significant number of open banking vendors.

Why open banking?

The rise of open banking – put simply, the sharing of data with third-party providers – can be traced back to the global financial crisis 2007-2008, which necessitated a responsible ‘opening up’ of financial institutions to better protect consumers.

This is enabled by open Application Programming Interfaces (APIs) that allow the sharing of data between platforms and permit those with third-party access to provide products that use this data.

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See more consumer banking trends in EPAM’s Consumer Banking Report: https://www.epam.com/2021-banking-report