Description
After several years of setbacks, the open banking community has been reinvigorated by a new roadmap and direction set by the UK government.
This could improve the accessibility and performance of core APIs, advance open banking payments, and pave the way for unlocking new sets of financial data through open finance, as well as non-financial data through so-called “smart data.”
If the UK can become a leader in smart data, as explained by Open Banking representative Marion King in the first chapter of this report, “it will strengthen the case for investing in the UK.”
Much depends on whether the UK can correctly define its next steps, while the rest of the world moves forward on its own path, with the US, Australia, and Brazil emerging as global leaders.
This report by AltFi Research explores the current state of open banking, the new opportunities presented by the UK’s roadmap, the emerging potential of open finance, and more.
