Women using credit card and laptop: a new roadmap for the future of open banking in the UK.

A new roadmap for the future of open banking in the UK

23 February 2023

The article at a glance

New report for the Joint Regulatory Oversight Committee delivers gap analysis on UK’s open banking ecosystem and potential solutions to bridge to optimal future state.

New report for the Joint Regulatory Oversight Committee delivers gap analysis on UK’s open banking ecosystem and potential solutions to bridge to optimal future state.

A new report from an Open Banking Strategic Working Group, independently chaired by Bryan Zhang, Executive Director and Co-founder of the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School, has captured the views and collated evidence from ecosystem stakeholders to inform the Joint Regulatory Oversight Committee’s (JROC) decision on a strategic roadmap for the future of open banking in the UK.

The JROC was created by the Financial Conduct Authority, the Payment Systems Regulator, the Competitions and Market Authority and HM Treasury to oversee the planning and preparation for the next stage of open banking development and the establishment of a future entity spearheading that work for the UK.

About the report

The report, ‘The Future Development of Open Banking in the UK’, was based on the evidence collected during a series of open banking strategy sprints conducted between September 2022 to November 2022 involving fintechs, account information holders, consumer and SME representatives, payment networks as well as digital platforms from across the UK open banking ecosystem. In total, 189 written submissions were received from 104 organisations.

Open banking is at a crossroads

“Open banking in the UK is at a crossroads and whilst it has already brought significant benefits to millions of consumers and businesses, future decisions must be based on sound evidence,” says Bryan Zhang, Executive Director and Co-founder, CCAF. “This report focuses on understanding the gaps between the current state of open banking in the UK and a more optimal future state, as well as exploring a diverse range of potential solutions to bridge that gap.”

“We are engaged globally with governments, regulatory authorities and other key stakeholders to create actionable insights and transfer practical knowledge about open banking and open finance, that supports evidence-based decision-making and regulation,” continues Zhang, “This work, as well as other engagements regionally and globally, has highlighted a need for more empirical data and evidence on the development of open banking and its real-world impact on consumers, SMEs and the wider economy.”

Access the report

The ‘Future Development of Open Banking in the UK’ report can be downloaded for free.