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Open banking demand triples during Covid-19 pandemic
Over half of lenders have adopted open banking technology in the last 12 months. Rapid digitalisation has ushered in a boom in the use of new consumer-friendly financial tools.
UK, May 12, 2021: The number of people choosing to share their data through open banking has tripled since the start of the Covid-19 pandemic, according to the latest statistics from Experian.
In February, Experian’s Open Data Platform saw more than 188 million data sharing requests (up from 47 million in February 2020) – 30% of the 669 million made in the UK overall
1. Lenders are also seeing the benefits with recent Experian research finding that 57% of lenders have adopted open banking technology in the last 12 months, helping people manage their finances in more fluid and intuitive ways online.
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Ozone introduces Open Finance Hub 11 May 2021
Source: Ozone Ozone, developer of the leading standards-based software for open banking, has launched a specialist platform to help financial institutions (FIs), challenger banks, neo banks and e-money institutions (EMIs) handle the growing complexity of open banking and open finance. Ozone’s API software already helps financial institutions deliver open APIs that are fully compliant with the OpenID Foundation’s FAPI and CIBA profiles and offers full support for major global standards, including UK Open Banking, Berlin Group and FDX, as well as a growing number of emerging open banking standards around the world, such as in Brazil, Mexico, Bahrain and many others.
Open Banking Expo Awards Launch to Recognize Excellence Across the Sector
Open Banking Expo launches its awards scheme to celebrate the significant progress of open banking across the global financial services sector. Equifax is the launch partner of the scheme.
The ceremony will take place in London, UK on July 15, and the scheme is now open for entries. The entry deadline is May 28 and they can be submitted via www.openbankingexpoawards.com.
Open banking has driven the most significant digital transformation shift in financial services in recent times to stimulate competition, drive innovation and offer consumers and businesses alike greater control in managing their finances.