Open banking allows consumers and companies to control their financial information while stimulating competition and innovation among financial service providers. According to the report – “Open Bank Readiness Schedule: The Future of Open Banking in Europe” – The Nordic Countries and the UK Stand Alone, Thanks to Advanced Digital Infrastructure:
– Families with Internet connection: 96 percent Sweden; 95 percent Denmark; 98 percent Norway; 96 percent UK
– The proportion of mobile phones that are smartphones: 79 percent Sweden; 88 percent Denmark; 95 percent Norway; 83 percent UK
– Ratio of 14–76 year olds using digital banking services: 84 percent Sweden; 91 percent Denmark; 95 percent Norway; 88 percent UK
MasterCard said the Nordic cooperation models and the P27 initiative are contributing to the region’s readiness for open banking. Most major Nordic banks have an open banking strategy, led by the Nordia Group and DNP Bank.
– Like PSD2, all European banks are moving towards a fully open banking environment by utilizing pan-European growth, but it is clear that the Nordic countries and the UK are leading the way in greater consumer readiness and greater growth. Says in a written comment.
One thing that makes the Nordic region unique is the high internet usage in the countries where 96 percent of Swedish households are connected to the Internet. The authors of the report said that in Sweden, the digital banking infrastructure has already reached an advanced stage, with the rapid development of digital services.
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