Open Banking prompts UK fintechs to reassess collaboration partners

The report found that 59% of UK fintech firms see Open Banking as an opportunity to review their collaboration strategies.

Moreover, the survey of 31 UK fintech companies found that 74% of respondents believe that new competitors such as tech firms will become increasingly important over time.

The new data rules, which mandate high street banks to share anonymised customer data with approved third parties, came into effect in January 2018.

The report also found that 81% of UK fintech firms surveyed are getting ready for Open Banking, while 29% of respondents said they were already fully prepared.

Their efforts are reflected in the number of staff employed to work on Open Banking-related propositions. 30% of fintech companies surveyed said they had teams of 10 or more working on the data changes – a significant proportion for companies with a workforce of 50 to 250 employees.

What`s more, 94% of fintech companies said they were focused on enhancing their current products and services and 81% said they are planning to use Open Banking to build new services.