The future of banking is open

How to seize the Open Banking opportunity

Open Banking is here and will transform the way we are able to pay for goods and services and manage our finances. Open Banking creates a significant market opportunity and potential to disrupt the financial services landscape.

Together with the Open Data Institute we have conducted extensive research into customer adoption and how the financial services ecosystem and technology firms are responding to Open Banking. Our report combines the valuable insights both from interviews with executives from leading financial services organisations, FinTechs, technology firms, regulators and industry bodies, and insights from surveys with over 1,000 retail and SME banking customers across the UK.

Our research and analysis highlights potential propositions and revenue opportunities enabled by Open Banking. We have also identified how market players can compete, attract customers, and seize the opportunities ahead.

Download the report

Key survey findings

Isabelle Jenkins, Banking and Capital Markets Leader, and Jonathan Turner, Consulting Partner, discuss the key findings from our research and how ready the market is to embrace Open Banking.


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Are you ready for Open Banking?

Watch our short animation to understand more about Open Banking and the opportunities it brings.


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Key research findings - What does Open Banking mean for:

Retail banking customers

Only 18% of consumers are currently aware of what Open Banking means for them, however, this is expected to increase significantly to 64% by 2022. This will be driven by the development of innovative propositions, whose benefits will outweigh current concerns around sharing data. Retail customer propositions that are enabled or enhanced by Open Banking will include:

  • Account aggregation to provide single view of accounts across different banks
  • Financial management tools using data analytics to identify spending patterns to budget and save more effectively
  • Tailored product offerings based on transaction history, such as customised holiday loans based on flight and hotel bookings and anticipated spend
  • Increased access to credit for ‘thin-file’ customers due to improved access to financial data

SME customers

Currently, 40% of SMEs indicated they would not be averse to sharing their financial data for Open Banking if offered by their current account providers. This is expected to increase to 72% of the market by 2022 as propositions are developed. SME customers also have a better understanding of the benefits including payments and payroll services. SME propositions that are enabled or enhanced by Open Banking will include:

  • Integrated accounting and tax services
  • Enhanced cash flow and deposit management
  • Bespoke lending based on analysis of account data

Open Banking businesses

Open Banking is so wide and varied, that it will not be feasible to try and be all things to all people. Businesses need to focus on differentiated propositions and capabilities. However, regardless of what type of organisation you are, there are common characteristics that are critical:

  • A customer centric operating model
  • Strong data analytics capabilities
  • Integrated and secure technology platforms
  • Agile working culture
  • Openness to partnerships or operating as part of a wider ecosystem of providers

Film series: Firms need to address a number of important areas to be confident of success

Strategy and business model

What will your value proposition be and what market leading capabilities will you use to compete?

Watch here

Customer centricity

How can you build truly customer centric propositions and operations?

Watch here

Deals and structure

How can you use partnership, restructuring and deals to stay ahead of the market?

Watch here

Risk and regulation

How will you ensure the array of new Open Banking risks are understood and managed in line with risk appetite?

How will you achieve full compliance in a rapidly changing regulatory and legal landscape?

Watch here

Data management and analytics

How can you embed world class data analytics in products?

Watch here


How will you deliver a modern technology platform that provides the agility to rapidly integrate and adapt systems?

Watch here


How will you protect customers against fraud?

Watch here

Cyber security

How can you build a framework for identifying, detecting, protecting and responding to threats?

Watch here


How can you understand the tax opportunities and implications as a result of Open Banking?

Watch here


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Contact us

Jonathan Turner

Partner, PwC United Kingdom

Tel: +44 (0) 7739 591 553

Martin Roets

Director, PwC United Kingdom

Tel: (+44) 7900 163394

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