The question is… who will the customer choose to be their banking confidant in this new, open connected banking marketplace starting from January? The answer is the one you trust the most with your money and data.
This is transformational and the first region is the UK. The total number of UK current accounts is 80 million, with 65 million active accounts generating £8.1 billion per year. Nine banks have 1 million accounts or more with the top 4 banks having a 77% market share. The next areas with pending Open Banking regulations are Europe and Australia.