Open Banking in the UK: Lessons Learned

Open Banking in the UK: Lessons Learned

In Tabb Forum, Cliff Moyce, Chairman of the Advisory Board at DataArt, talks about the lessons the U.K. learned in open banking. He argues that while open banking in the UK has seen low levels of adoption so far, it eventually will be a transformative initiative. The UK’s experience provides four main lessons for other countries embarking on an open banking program:

“Scare stories about the security of open API access to bank accounts need to be tackled head on. Managing open API risk is fully understood and is done well in other online data sharing and financial transaction environments. Open Banking will be no different.”

“Institutional support is most likely to come from newer, technology focused ‘challenger’ banks. Those organisations should be brought fully into any initiative as exemplars, contributors and early-adopters.”

“A high level of awareness among customers of the benefits of Open Banking and fintech solutions generally is important, but is most likely to come from word of mouth and from independent media reviews, not from advertising done by the programme itself.”

“Fintech solutions that solve important customer problems in elegant ways are most likely to generate the necessary “buzz” of promotion among peer groups.”

View original article here (registration required).

Contact Us

Enter your information below, and we'll respond to you directly

Please, check Google ReCaptcha

Thank You

Your request was submitted.

We'll respond to you shortly.

return to the site
Welcome
We are glad you found us
Please explore our services and find out how we can support your business goals.