API response time ‘getting faster’ at top UK banks

The average API response time across some of the UK’s biggest banks was 511 milliseconds last year, an improvement of 28 per cent compared to 2020, according to research from Yapily.

The Open Banking infrastructure provider said that British banking groups are continuing to invest in Open Banking technology as user adoption grows.

The company analysed the average Open Banking API response time across 10 UK banks: RBS; NatWest; Halifax; Lloyds; Allied Irish Bank (AIB); HSBC UK; Barclays; First Direct; M&S Bank; and Santander.

The analysis found that all 10 banks have improved their response speed between 2020 and 2021.

NatWest, RBS, and AIB had the fastest API connectivity in 2021, with an average speed of 340 milliseconds. The most improved banks in the last 12 months include Barclays, who saw a 37 per cent reduction in average response time; M&S, who achieved 35 per cent; and AIB, who saw 33 per cent.

“For the customer, faster response times will create a slicker and more convenient user experience,” said Roland Selmer, chief product officer, Yapily. “For businesses, benefits include faster access to financial data, reduced abandonment rates, and increased levels of customer trust.”

Selmer added: “However, it’s important to remember that response speed is just one aspect of improving the UK’s Open Banking ecosystem. Over the next 12 months, banks, FinTechs, and Technical Service Providers (TSPs) alike will need to continue to invest in Open Banking architecture. In order to increase adoption, improving API reliability, uptime and user journeys will be key as this will ultimately have the biggest impact on improving conversion rates.”

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