the key to a fairer financial system

The data, and how it is used, They have always been a pillar of banking. Thanks to them you can calculate risk more accurately, personalize services and operate more quickly and efficiently. But the advancement of technology in all areas of our lives (from mobile phones to artificial intelligence) has elevated its importance to a new dimension.

This change raises a fundamental question: Who should have control of clients’ financial data? The banks? The big tech companies? At Revolut we believe the answer is simple: The data must be in the hands of the users themselves.

That is why we strongly support, throughout the world, the regulation of ‘Open Banking’ and ‘Open Finance’. These standards ensure that customers can manage their data freely: share securely the information that one bank stores with another, or move money between accounts in a matter of seconds.

Why is it relevant? Because in Europe ‘Open Banking’ It has enormous transformative potential. Although the majority of citizens have a bank account, many continue to suffer from high fees, unequal services and little competition.

“It is a unique opportunity to advance inclusion, competition and resilience”

Open banking provides transparency and allows access to better conditions in just a few clicks. For families, especially at a time of pressure from the cost of living, being able to compare and change supplier can easily make a big difference in your finances. For SMEs, it is also a key driver.

Europe was a pioneer in 2018 by opening access to payment account data across the continent. Since then progress has been seen, especially in credit. According to internal Revolut data, one in four lenders already integrates ‘open banking’ in its application processes. Almost half say that it significantly reduces decision costs, and 43% say that their evaluations are much more accurate.

However, there is still much to do. Six years later, the application remains irregular and failures are frequent. Our data indicate that in southern Europe the use of these services is very low (Spain 48%, Italy 18%, Portugal 51%) compared to other nearby markets such as United Kingdom (83%), Germany (65%), France (59%) or Ireland (68%). The reason? In too many countries the system fails more than half of the time.

Governments and regulators must act quickly. It is not enough to approve rules, we must make them work. It is essential to have standardized interfaces that drive innovation throughout the ecosystem, and at the same time invest in financial education to strengthen consumer confidence.

Time is of the essence, and this system is not a mere regulatory obligation, it is a unique opportunity to advance inclusion, competition and resilience. The future will belong to those who commit to building it openly.