Who is Leading the Field in Open Banking? | Open Banking Expo UK 2024

“It’s an impossible question to answer. There’s so many different components to it and everybody has a part to play”

The UK recently passed 10 million open banking users with consumers and small businesses now empowered to take advantage of the benefits of open banking and manage their financial lives in new and innovative ways. Open Banking is already worth more than £4 billion to the UK economy and attracts inward investment leading to the creation of almost 5000 skilled digital jobs across the country.

But who is leading the way?

The Open Banking Expo conference, which took place at the Design Centre in London, was the place to ask attendees their experiences of who is leading the way in Open Banking, showcasing the diverse range of players across the fintech ecosystem – from startups to the big banks.

Mark Hartley, CEO of BankiFi said “I think it’s our biggest partners and friends, MoneyHub, I think they do fabulous things in the industry and we’re really glad to be a partner with them.”

Todd Clyde CEO of Token reiterated the importance of partnerships within Open Banking saying: “Customers of ours like Global Payments and HSBC and BNP, Paysafe, Nuvei, Rapyd, they’re the ones that I think are really leading as we enable them in this new market”

Others had a different point of view and said that payment aggregators and the big banks are the ones who are the innovators as its their data with Isa Ibrahim of Aptap declaring: “I think probably the aggregators like your TrueLayers, your Tokens, but obviously the banks have a big role to play in that as it’s their data that they’re opening up”

Together, these insights from the attendees we spoke to illustrate the rich and varied open banking landscape at the Open Banking Expo, where connections spanned innovation, strategic partnerships, and deepened customer engagement—all centered around advancing the open banking sector.

All in all, our speaker’s thoughts reflect a broader trend in the banking industry, where Open Banking is becoming increasingly essential for broader financial services. Catch our next 60 second question fire round which centers around the most overused buzzword in the industry.