UK Open Banking API Report 2023-2024: Neobanks Surge Ahead, Traditional Banks Lag Behind
Neobanks like Tide and Monzo are racing ahead in API performance, leaving the traditional banks struggling to keep up with high latencies and inefficiencies. Meanwhile, cloud providers are having their own speed bumps, with Azure showing a significant decline. Can the UK maintain its open banking leadership? Time to buckle up!
Hot Take:
Looks like the UK banking scene is getting a tech-savvy makeover, and traditional banks are feeling the burn! Neobanks are zooming past with their speedy APIs, while old-school banks are stuck in the slow lane, watching their latency climb higher than a cat in a tree. Cloud providers are also in the mix, with Azure’s performance dropping like a hot potato. Time for traditional banks to rev up their engines and cloud providers to clear the fog on their platforms!
Key Points:
- Neobanks are setting the pace in API performance, leaving traditional banks in their digital dust.
- Azure is having a tough time keeping pace with other cloud providers, especially in Northern Europe.
- Akamai and AWS are the top performers for UK open banking applications with the fastest response times.
- The gap between traditional CMA9 banks and neobanks is narrowing, showing some improvement by the former.
- Open Banking Standard v4.0 is a wake-up call for the UK to maintain its open banking leadership.