NEW REPORT: THE EUROPEAN OPEN BANKING OUTLOOK

We are excited to launch the inaugural European Open Banking Outlook.

The EOBO is one of the most comprehensive assessments of open banking produced in the market, based on independent research commissioned by YTS and the Centre for Economics and Business Research (CEBR) and conducted by Censuswide.

The Outlook’s findings reveal the relative strengths and weaknesses of open banking in each of six countries; France, Germany, Italy, the Netherlands, Spain and the UK. Consumer research is a key aspect of this assessment, bringing the most detailed insight into attitudes and usage of open banking available. It covers four pillars - openness, availability, engagement, and impact.

Openness - This pillar evaluates the degree to which relevant institutional and regulatory environments within each country support the development of the open banking ecosystem.

Availability - This pillar assesses how financial institutions within each country have worked alongside TPPs to enable customers to access open banking solutions.

Engagement - This pillar evaluates the extent to which bank customers in each country have made use of open banking.

Impact - This pillar analyses the benefits that a range of open banking solutions have delivered to customers in each country; and the potential for wider use within that country in the future.

Overall results at a glance

The UK has the highest overall score in the league table, due to it scoring highly in Availability, which is more impactful when it comes to the adoption of open banking. It also leads in Openness, due to its supportive regulatory environment stimulating innovation in banks and TPPs. However, Engagement and Impact are led by Spain and Italy, respectively.

Consumer sentiment

Four out of ten respondents are ‘very’ or ‘somewhat’ supportive of open banking. The 25 to 34 age group is most supportive, with 47% very or somewhat supportive. 41% of this age group also said they would like to see a more widespread rollout of open banking.

However, almost one in five (19%) of surveyed consumers are unsupportive. Only 37% of those aged 55 or above are supportive, and only 25% of these respondents wanted a wider roll-out. Our findings also suggest that concerns about security and the mechanics of data sharing in open banking processes can form a barrier to adoption, although this is not an insurmountable barrier.

Find out more

Click the button below to get the complete European Open Banking Outlook.

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