Banking Disrupted

The latest report from Mastercard and Payments Cards & Mobile highlights some of the key changes in readiness when it comes to Open Banking adoption across the UK and Europe. The report examines trends across 10 core markets and highlights what has changed in the last 18 months, along with how each region is balancing the regulatory as well as innovation agenda for consumers.

The world of customer engagement across banking has become increasingly remote, partially fuelled by COVID health and safety concerns, and the need for many banks to save costs by closing branches. According to Which?, since 2015 over 3,300 branches have closed across the UK, with 200+ branches closing in 2020. This trend is expected to continue during 2021 and beyond, where we have already seen TSB and Lloyds announce 164 and 56 bank branch closures across the UK, respectively.