The Payments Association has conducted a new survey on open banking, querying senior decision-makers from 500 small and medium-sized merchant businesses located across the UK.
The data reveal a complex picture of awareness, perceived benefits, and adoption barriers. While general familiarity with the concept is relatively strong, over a third of businesses remain unclear about what open banking entails, a gap that spans industries, regions, and company sizes.
“Through the Open Banking Working Group we have the opportunity to bring clarity, trust and innovation to the payments industry, and help deliver tangible momentum alongside claims of potential. Open banking is enabling a more efficient and cost-effective way to move money, while businesses are more motivated than ever to improve their digital journeys, grow their revenue, and reduce their costs. With the Payments Association, we can be part of the ecosystem helping to drive this change.”
The Open Banking working group’s efforts were largely focussed on supporting the recommendations made to JROC on the development of a Future Open Banking Entity in the U.K. The working group provided insight and perspectives for TPA’s representatives to take the various meetings on the funding, governance and capabilities of a future entity.
A recent Forbes article stated that in the next 3-5 years, 76% of global banks predict that usage and customer adoption of open banking applications will increase by 50%. Open banking certainly improves customer experience and offers a decreased risk of fraud and associated costs. Yet uptake among retailers currently remains slower than desired.
The Open Banking Working Group explored retailers’ perspectives on open banking which culminated in a successful webinar and opinion piece.
Join Tony Craddock, Director General and Founder of the Payments Association, for a deep dive into the evolving landscape of open banking with industry leader Marion King. In this episode, Marion shares her insights from a distinguished career that has significantly shaped the UK’s payment sector, from introducing Faster Payments to her influential role as CEO of Vocalink and beyond.
Please fill out the form to indicate your interest in receiving more information about The Payments Association’s Open Banking Working Group. A member of our Project Team will be in touch with you shortly.
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