A new report by the Open Banking Excellence (OBE) has warned that unless immediate action is taken, the United Kingdom, which pioneered open banking and has over time been regarded as a global leader in the sector, will lose its position this year.

The Global Open Finance Index report, seen by Peoples Gazette on Thursday, revealed that nations such as Brazil, Singapore, India, and Australia were developing faster and were on track to overtake the UK.

Using data from the World Bank and research from the University of Oxford, the report –which also featured contributions from Accenture and NatWest –analysed 23 nations in more than 150 different ways to highlight the elements that make up a successful open banking ecosystem.

Speaking on the development, Helen Child, CEO and Founder of Open Banking Excellence, said that the UK was on the verge of losing its position due to a significant acceleration in the pace of international competition in the sector.

Ms Child asserted that open banking creates a huge export opportunity for UK businesses and emphasised the fact that UK tech companies have the know-how and expertise to assist nations all over the world.

“The Open Banking space represents a huge export opportunity for UK firms. UK tech companies have the knowledge and experience to support countries across the world to positively impact their economy, society and environment, whilst at the same time addressing an export-lead market that has been estimated to be worth up to $416 bn* per year by the end of the decade,” Ms Child said.

“That position is now at risk, due to a stagnant situation at home combined with enormous acceleration in the pace of global competition meaning there’s a real challenge to that leadership position we’ve enjoyed,” she added.