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Open banking - slow on the uptake

The UK has been a pioneer in Open banking since its launch in 2018. 

Five years on, how is the supposed new entry point to banking and other financial services faring?

The UK FCA (Financial Conduct Authority) reports that there are just over 7m active members, which misses the target market projections by a country mile.

What's the problem?

Everyone loves technology and innovation right, especially when it spruces up something as boring as banking?

Is it because people don't want to diversify their banking and investment relationships?  Preferring instead to keep their hard-earned money under the mattress of one banking relationship.

This article answers that question eloqeuntly.

Why has open banking been so slow to take off? The initiative was meant to enable an ecosystem of competitive fintech services, but its stately progress over the past five years has left many in the sector disappointed. What needs to change?


fintech, supply chain, emerging technologies