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Open Banking in the UK: A Co-opetition Scenario for Innovation and Evolution in the UK Retail Banking Sector

In: Commercial Banking in Transition

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  • Nikita Divissenko

    (Utrecht University School of Law)

Abstract

The CMA 2017 Order laid down the foundation of Open Banking in the UK. The Order mandated nine incumbent banks (CMA9) to develop a secure channel based on common and open technical standards for sharing their customer transaction data with competitors. Although aimed at removing the adverse effects on competition in the UK retail banking sector, the CMA 2017 Order also promoted cooperation. This chapter discusses the phenomenon of co-opetition—a combination of competition and cooperation—that is behind the success of Open Banking in the UK. The case of co-opetition is of particular interest in light of ongoing transition to Open Finance, and the need for balancing the measures supporting competition, innovation, and consumer control over their data in the financial sector and beyond.

Suggested Citation

  • Nikita Divissenko, 2024. "Open Banking in the UK: A Co-opetition Scenario for Innovation and Evolution in the UK Retail Banking Sector," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Marco Bodellini & Gabriella Gimigliano & Dalvinder Singh (ed.), Commercial Banking in Transition, chapter 0, pages 243-264, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-45289-5_12
    DOI: 10.1007/978-3-031-45289-5_12
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