The Current Account: The Latest Headlines From Across The Banking Sector - December

2023-11-30 |  Chirag Soree

Welcome to the latest edition of The Current Account! This month's headlines explore the challenges banks face with Operational Resilience and the latest news on Open Banking

Banks struggle with Operational Resilience….

PEN Point of View:

Overall, achieving operational resilience is a continuous process that demands a comprehensive and adaptive approach to identify, plan for, and address the multifaceted challenges faced by banks. What is clear is that Banks and regulatory bodies need to do more in this space, including working collaboratively, and hopefully the additional guidance being published soon, helps them in that journey.

As Open Banking use reaches record highs in the UK, are UK firms doing enough to capture the opportunities it offers?

PEN Point of View:

In the almost six years since the launch of Open Banking in the UK, consumer use of Open Banking services has surged dramatically. Open Banking has already created around 4,800 jobs in the UK and the sector is now worth more than £4bn and seems set on further growth. As more and more companies develop their Open Banking offerings the UK must be careful not to lose its first-mover advantage, and decisively capitalise on the opportunities this technology offers. UK firms have an advantage over their US and Canadian rivals, for as these countries move towards developing an open banking economy, UK firms have already had six years to develop their propositions and understand this market. They must take the chance to position their Open Banking services on a global scale or risk missing out hugely.

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