While open banking has now become a reality in the UK and Europe, there are still a number of financial institutions (FIs) that are finding it challenging to get ready.

Open Banking Excellence (OBE), PIF and Ozone API have come together to undertake a state-of-the-nation survey to better understand the views of FIs and gather valuable insights into the readiness of smaller players.

The survey will be open for one  week from Friday, 24 July to Thursday, 30 July. All insights will be reviewed, analysed and shared with the industry in due course.

Diane Brocklebank, Commercial Director of PIF, said: “The challenges from open banking come in equal measure with the opportunity, so we are keen to build a much deeper understanding of the obstacles faced by smaller firms. We are looking forward to collaborating with Ozone and Open Banking Excellence to spotlight the readiness of these smaller players.”

Helen Child, co-founder and CEO of Open Banking Excellence, said: “We believe the best way to understand and support your community is by connecting with it and regularly taking its pulse. As a global platform and voice for the Open Banking and Open Finance industry, we work hard to help companies and institutions of all sizes share their experiences, challenges and lessons learnt to support the growth trajectory of this new dynamic sector.” 

Huw Davies (Co-founder and Chief Commercial Officer, Ozone API) said: “open banking provides a great opportunity for smaller financial institutions to punch above their weight in the market place. Delivering great standards based open APIs should create a real foundation for growth, so by working together with the amazing communities of PIF and OBE we are looking forward to understanding the current state of readiness and where the challenges arise.”

The survey can be accessed here.

To find out more about OBE visit their website: https://www.openbankingexcellence.org/

To find out more about PIF, visit their website: https://prepaidforum.org/