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UK banks' attitude toward open banking is more positive than last year - Business Insider

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As UK banks devote more resources to enhancing their services via open banking, fintechs have an opportunity to partner with them to deliver success

, which make third-party integrations more straightforward, unlocking a series of potential use cases.

Now, these players are increasingly perceiving open banking as an opportunity for growth. While 52% of UK FIs saw open banking as an opportunity in 2019, 66.7% do so now, which is almost 10% higher than the European average.

. UK FIs have increased their spend on open banking initiatives than any other European nation in 2020, compared with 2019. Additionally, 33.3% indicated they'll seek to partner with a fintech as part of their open banking strategy in the next 12 months — the second most of its European counterparts. The combination of these factors presents a golden partnership opportunity for fintechs.

 

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