New data from Tink has revealed that financial institutions in the UK are embracing Open Banking more readily than their European counterparts.

The survey, based on 290 senior decision-makers at financial institutions in 12 European countries, found that three quarters (74 per cent) of UK financial institutions said they were positive about Open Banking, compared to a European average of 61 per cent.

Of all countries surveyed, the UK also reported the most significant shift in attitude towards Open Banking — with 73 per cent of UK financial institutions now more positive than they were 12 months ago, against a European average of 52 per cent.

Two thirds (67 per cent) of UK respondents also believe that Open Banking is an opportunity in their organisations, against a EU wide average of 59 per cent. Similarly, 70 per cent of UK financial institutions have a clear strategy in place for Open Banking — considerably higher than the European average of 58 per cent.

Rafael Plantier, UK and Ireland Country Manager at Tink, said: “The UK has been trailblazing Open Banking since the 2017 CMA mandate to drive greater competitiveness in financial services — this has given open banking a tailwind in the UK that means as a market it is charging ahead of the rest of Europe.

“However, it’s fair to say that the last two years have been exhausting for the UK’s largest banks — with the pressures of open banking compliance and Brexit preparations," he continued. "Yet today, we see a more positive change in attitude towards Open Banking, with projects moving away from compliance towards new propositions and use cases."

The research showed that those at the forefront of open banking in the UK see FinTech partnerships as a top priority. A third of UK financial institutions already have at least one FinTech partnership already in place. In the last 12 months, half of UK financial institutions already in a partnership indicate an increase in partnerships, and more than a third (37 per cent) are prioritising more over the coming year.

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