1) Why the UK leads the European table

As a direct result of political support and a pro-innovation regulatory environment, the UK’s open banking ecosystem has continued to skyrocket.

“The proactiveness of regulators since the beginning of the open banking journey is a key factor behind why the UK is ahead. We hope this continues as we have a leading position in not just Europe, but the world.”

• Stefano Vaccino

For the UK to remain a global hub of open banking, the new Government must encourage further innovation within the fintech sector. For instance, initiatives such as open finance and smart data which would ramp up innovation and expand the benefits of open banking to new sectors, such as utilities.

2) EU member states aren’t far behind

Maturity rates have continued to accelerate across EU member states, bringing Europe one step closer to open finance.

Despite the UK topping the leaderboard, other countries are hot on its heels with Germany placing second and Sweden third.

Yapily is perfectly placed to become the backbone of Europe’s open economy as the largest open banking payments platform following our agreement to acquire finAPI earlier this year.

3) Open banking builds financial resilience

At a time when unprecedented energy prices and tax hikes are making headlines, understanding which solutions are available to better manage finances has never been more essential.

During an economic downturn, consumers want to understand and take control of their financial health. Whereas businesses need faster access to working capital and accurate cash flow insights.

Before the inception of open banking, there was limited control over financial data. Now, open banking has enabled ways to help both consumers and businesses access the right financial products and services and ease the cost of living.

“The countries in Europe with the most to gain from open banking are the ones with the slowest-growing economies. This is because open banking offers working capital solutions for those that need it most.”

• Stefano Vaccino

4) Innovation opportunity for traditional banks

The unmatchable trust banks have built with consumers spans centuries. Yet, less agility means they can’t innovate at the same speed as new market entrants. Open banking has created an opportunity for forward-thinking banks to invest in innovation by partnering with like-minded fintech companies.

“Traditional banks have an opportunity to invest in innovation and be part of the open banking journey. Those that continue to heavily invest in the future of financial services are the ones that we view as a partner”

• Stefano Vaccino