{"id":39159,"date":"2023-01-27T09:37:48","date_gmt":"2023-01-27T06:37:48","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=39159"},"modified":"2026-03-28T02:35:45","modified_gmt":"2026-03-27T23:35:45","slug":"study-says-uk-will-lose-its-leadership-position-in-open-banking-by-the-end-of-the-year-without-focused-action","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/study-says-uk-will-lose-its-leadership-position-in-open-banking-by-the-end-of-the-year-without-focused-action\/","title":{"rendered":"Study Says UK Will Lose its Leadership Position in Open Banking by the End of the Year Without Focused Action"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">LONDON; Jan. 27, 2023<strong>\u00a0<\/strong>\u2013 A new report has claimed that the UK, the first mover and, until now, seen as a global leader in Open Banking, will lose that leadership position this year unless drastic action is taken.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/u12097671.ct.sendgrid.net\/ls\/click?upn=9rudYHeevExQpJ5A1h-2BA7f7vIvhzOGhXgil6UPcaqvV9uehylqF8pOULldRq1jzvSdj6udtDu0quiZVq2Ba5VA-3D-3DRsC7_tegQlZpjlNod1f2-2FGyjHo8YXgusZNaeywfCNJBXiABcjH9ilHEfAnpKtxek-2B3N7Wk7him9FQmxjBFzyApIFTj7NxrLXstjF4PInXLpFduVb3L1s1GCc-2Bi9pfVtkO2Td-2FZqejVSPOClu-2Bzy5yt-2BNXaCX4sYjGuClMC0J6pwHf9YNcCUJiwHLJNdMSioYnRN6h7abJJ0pFIZd7LFfi8wQBhyC1piTryd0vNUBRkLnG2gVr4Po4xTo4nh81ILWDdZhkWFks4-2B6nIUaxwjz6cofKkvbAvqxDR46fh1EOIubFEMfCo2kkOa9mVn13XRb159i25tcEkPJsnPl9ZwNbnGftRyzsblPka9sKZrLM-2B5-2Fr36mKQAuxU3sYux-2FfaR-2F7jaN-2B-2FxrBSkiW2ekdzJK58AeaG5npR2Taxgid9URavLJRa2KN5TdJ07BupghdGiIkzSEEEs7OC6nEybCS37UH66iR0OdavyiyaIWtUEUZ9z9x22D2Z201Rt1cUN7mECpZeKjb9P-2BKPLh0cfvASDapYn2SZdb6749iW4A8K-2F3ec1YN-2FZ7WKvVTFfU6R04PftLN47vOMk5f5u8DxHDL52nP3a81Pw-3D-3D\" target=\"_blank\" rel=\"noreferrer noopener\"><u>The Global Open Finance Index<\/u><\/a>, a report released by\u00a0<a href=\"https:\/\/u12097671.ct.sendgrid.net\/ls\/click?upn=9rudYHeevExQpJ5A1h-2BA7WP4JJQeY5WIBIz4EVJb0wKi607ctV1nv6TIpLkU5JqY6lUH_tegQlZpjlNod1f2-2FGyjHo8YXgusZNaeywfCNJBXiABcjH9ilHEfAnpKtxek-2B3N7Wk7him9FQmxjBFzyApIFTj7NxrLXstjF4PInXLpFduVb3L1s1GCc-2Bi9pfVtkO2Td-2FZqejVSPOClu-2Bzy5yt-2BNXaCX4sYjGuClMC0J6pwHf9YNcCUJiwHLJNdMSioYnRN6h7abJJ0pFIZd7LFfi8wQBhyC1piTryd0vNUBRkLnG2gVr4Po4xTo4nh81ILWDdZhkWFks4-2B6nIUaxwjz6cofKkvbAvqxDR46fh1EOIubFEMfCo2kkOa9mVn13XRb159i25tcEkPJsnPl9ZwNbnGftRyzsblPka9sKZrLM-2B5-2Fr36mKQAuxU3sYux-2FfaR-2F7jaN-2BNYrL51-2FcJEPrC-2FzvD9ts-2FFdjcviCSBMxRyMC6jri-2FI7fae7fhqe1-2BbiS2b2xE2iYHQ7-2BqbEddp-2FbWKKIdRQ-2BsQN7RxSuInq4I9mjlDyRV5T1EWVX-2FzdGoHPDLOX40MGL110RsMAdcJePyzOYxeP4LdizP2FPNDxNphb-2FjtzMnWyIecaafdGZ4Y4WgPKTKk7cGPQltXRMlPYtbKg32H-2FWPA-3D-3D\" target=\"_blank\" rel=\"noreferrer noopener\"><u>Open Banking Excellence (OBE)<\/u><\/a>\u00a0is an in-depth, data-driven exploration of the global state of Open Banking featuring insight from over 400 Open Banking and Open Finance experts from 23 countries. It builds on the data from a set of expert interviews conducted by the University of Oxford with secondary data from the World Bank, the IMF, and\u00a0<a href=\"http:\/\/dealroom.co\/\">Dealroom.co<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Helen Child, CEO, and Founder of Open Banking Excellence commented, \u201cThe Open Banking space represents a huge export opportunity for UK firms. UK tech companies have the knowledge and experience to support countries across the world to positively impact their economy, society, and environment while at the same time addressing an export-lead market that has been estimated to be worth up to $416 bn* per year by the end of the decade.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThat position is now at risk due to a stagnant situation at home and enormous acceleration in the pace of global competition, meaning there\u2019s a real challenge to that leadership position we\u2019ve enjoyed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIndia\u2019s roll-out has created a group of more than a billion accounts accessible in the same standard. Members of our OBE community in Brazil reached five million connected accounts in one-fifth of the time it took the UK. Australia is already forging ahead with Open Energy. Now is not the time to rest on our laurels; we need to focus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFirstly, we need to look at Open Finance with renewed energy. There is a data bill sitting in a drawer in Parliament that could and should be brought forward. Secondly, we need to resolve the uncertainty around the future governance arrangements for Open Banking \u2013 we have made great progress, but we are not done with this yet. Thirdly, we need to bake regulatory passporting into future trade agreements. If we can take these three steps, the door is open for UK tech firms to play a leading role in a period that will see a complete paradigm shift in how people relate to their money. If we can&#8217;t, we&#8217;ll be watching from the sidelines.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The report, which included contributions from Accenture and NatWest and was supported by research from the University of Oxford and data from the World Bank, analyzed 23 countries across more than 150 aspects to identify the parts of a flourishing Open Banking ecosystem. It found that while the UK was still seen as a global leader, countries like Brazil, Singapore, India, and Australia were moving faster and are likely to eclipse the UK shortly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another key finding was that while regulatory mandates help nascent ecosystems establish themselves, it is fundamental that the participants find mutually beneficial arrangements beyond the mandates for the ecosystems to thrive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the UK, NatWest has played a leading role in this regard by creating the \u2018Bank of APIs\u2019 &#8211; an application programming ecosystem that goes beyond the UK Open Banking mandate and is bringing an increasingly wide variety of the bank\u2019s services to customers and partners in new and convenient ways.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zack Anderson, Chief Data and Analytics Officer at NatWest<strong>,\u00a0<\/strong>commented, \u201cAt NatWest, we\u2019ve sought to champion the potential of Open Banking from its earliest days, as we\u2019ve always seen it as far more than a response to new banking regulations. For us, it\u2019s been an exciting opportunity to create a digitized, API-enabled bank that helps our customers access our services in the most convenient ways. Now, with the advent of Open Finance, we see an even greater opportunity for industry participants to collaborate and co-create embedded services that drive the digital economy.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Amit Mallick, Managing Director, and\u00a0Open Finance\u00a0Lead at Accenture, added: \u201cAdvancements in technology \u2013 including APIs, data, and analytics \u2013 are driving the open finance wave, leading to enhanced and real-time financial services experiences for both consumers and businesses. Accenture is committed to working with regulators and others to shape standards and support widespread adoption of open finance solutions and ecosystems.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON; Jan. 27, 2023\u00a0\u2013 A new report has claimed that the UK, the first mover and, until now, seen as a global leader in Open Banking, will lose that leadership position this year unless drastic action is taken. The Global Open Finance Index, a report released by\u00a0Open Banking Excellence (OBE)\u00a0is an in-depth, data-driven exploration of [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":39160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"0","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-39159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UK Open Banking - Leadership at Risk Without Action | | Saudi Shopper<\/title>\n<meta name=\"description\" content=\"UK Open Banking leadership is at risk this year. 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