There has been a rapid increase in the size and number of investments into UK fintechs with the likes of Monzo and Revolut leading the charge. Interestingly, it is not just the VC funds driving this; banks are also investing or in many cases, acquiring fintech companies outright.
Shouldn’t customers in Europe be “all in” for Open Banking, which promises to give them control over their data and open the door to much improved financial products and services? Instead, customers have been slow to embrace the Open era, fearing their data may be compromised. Financial services providers have their work cut out to persuade customers to cross this new frontier.