Open Banking in UK Hits Major Milestone: 10 Million Users and Growing
Hey FinTech Fanatic!
More than 10 million UK consumers and small businesses are now regularly benefiting from open banking technology.
This milestone, achieved six-and-a-half years after the UK's open banking rollout, has fostered an ecosystem valued at over £4 billion and created approximately 5,000 skilled digital jobs, according to Open Banking Limited (OBL).
Usage of Payment Initiation Services has surged by 61% year-on-year, while Account Information Service users have increased by 27% year-on-year.
Marion King, OBL chair and trustee, stated: “Consumer empowerment is core to open banking and it’s fantastic to see more and more people and small businesses take advantage of the financial opportunities open banking provides.
“From access to cost-effective credit, building a regular savings habit or making more informed financial decisions, open banking is delivering the means for millions of people to improve their financial wellbeing, delivering a true public good.”
OBL highlights that competition has significantly driven growth, as companies that adopt open banking technology often see their competitors quickly follow suit.
This achievement coincides with the government’s recent commitment to implementing smart data powers through a new Digital Information and Smart Data bill. According to OBL, this legislation will establish the groundwork for the future expansion of the open banking ecosystem.
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