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UK Open Banking Adoption Is On the Rise According to New Yapily Research

New data released by the Open Banking infrastructure provider Yapily has highlighted how all of the UK’s major retail banks have made significant improvements in their Open Banking API response times over the last 12 months since Q1 2020.

The data was compiled by Yapily through its Open Banking API infrastructure and monitoring tools. It provides tangible proof that the UK’s high street banks are making positive strides to close the gap on the challenger banks and meet the demands of UK businesses and consumers by providing the Open Banking services they want and need to confidently recover and rebuild in the coming months.

UK banks’ improvements in API response time from Q1 2020 to Q1 2021 (in percentages) were recorded as:

AIB – 63% faster
Barclays – 50% faster
First Direct – 19% faster
Halifax – 16% faster
HSBC – 14% faster
Lloyds – 21% faster
M&S Bank – 52% faster
Natwest – 39% faster
RBS – 41% faster
Santander – 22% faster

Since Q1 2020, Yapily has seen the number of Open Banking payments increase by 365%, on average, every quarter. This exponential growth in payments made through Open Banking APIs is tangible proof from the market that supports research predicting over two-thirds (64%) of UK adults will be adopters by 2022, along with 71% of SMEs.

Yapily’s data has also found the average API response time for UK retail banks has improved by 22% since Q1 2020 – speeding up from 693ms to 538ms in Q1 2021. This reflects the investment made by banks into enhancing their Open Banking APIs to meet growing demand from digital natives who expect nothing less than fast, secure, and digital-first services from financial institutions. The positive strides made by the market as a whole demonstrate the UK’s retail banks are not content to be left behind as the challengers’ race ahead when it comes to customer experience.

Stefano Vaccino, CEO, Yapily
Stefano Vaccino, CEO, Yapily

Commenting on the data, Stefano Vaccino, CEO of Yapily, states “Our data, along with recent investment into the market and clear directives from regulators on the future of Open Banking and Open Finance, provides clear evidence there is significant confidence in the market. It’s undeniable that we are seeing, and will continue to see, exponential growth in Open Banking adoption.”

He continues “Open Banking is the first step on the road to Open Finance, where open access has the potential to revolutionise how we live whether it’s paying for our shopping and utilities or managing our money or setting up a business. Over 3 million UK adults are now actively engaged with Open Banking solutions according to the OBIE to help get a better handle on their financial wellbeing. We’re excited to be at the forefront of this open financial revolution.”


  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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