1 minute read
Executive summary
Last year, we published the first annual open banking league table to provide a holistic view of open banking’s maturity, readiness, and adoption across Europe. It was used by banks, industry associations, and even regulatory bodies to better understand progress across the wider open banking ecosystem and help identify areas for improvement in specific markets.
Now in its second year, we have more insight, more analysis, and more understanding than ever before. Combining expertise, knowledge, and experience with data from our open banking platform, we have ranked 18 European countries on a 10-point scale according to the maturity of open banking in each market.
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The league table is based on a number of criteria, including local regulatory oversight and enforcement, digital readiness of the population, domestic payments infrastructure, bank integration, presence of third party providers (TPPs), and API performance and standardisation.
Yapily 2022
Key findings include:
Open banking maturity continues to accelerate across Europe with 67% of the markets analysed improving or maintaining their scores since 2021
A higher average score of 6.9 out of 10 increase of 1.5 points over the last 12 months also indicates that levels of open banking adoption, investment, and innovation have continued to increase, representing Europe’s march towards open finance.
The UK’s open banking ecosystem remains top of the leaderboard for the second year running, but EU member states are hot on its heels with Germany placing second and Sweden third.
Yapily 2022
Key drivers behind these improvements include the implementation of regulatory standards, consumer adoption of domestic instant payment methods, and increased levels of bank integration.
Areas for improvement include improved collaboration between banks, governments, regulators, and TPPs at the local and EU level to address a lack of standardisation and inconsistent levels of regulatory oversight and enforcement.
In numbers
A rising average score of 6.9 out of 10
Yapily 2022
Open banking maturity across Europe
0 1 2 3 4 5 6 7 8 9 10
