More than 10 million consumers and small businesses in the UK are now regularly benefiting from open banking technology.
This milestone is reached six-and-a-half years after the introduction of open banking in the UK, which has created an ecosystem valued at over £4 billion and generated approximately 5,000 skilled digital jobs, according to Open Banking Limited (OBL).
Year-on-year growth has been notable, with Payment Initiation Service users increasing by 61% and Account Information Service users growing by 27%.
Marion King, chair and trustee of OBL, stated, “Consumer empowerment is core to open banking, and it’s fantastic to see more people and small businesses leveraging the financial opportunities it provides. From access to cost-effective credit and building a regular savings habit to making more informed financial decisions, open banking is enabling millions to enhance their financial wellbeing, truly delivering a public good.”
OBL emphasizes that competition has played a crucial role in this growth, observing that when one company adopts open banking technology, its competitors often follow suit.
The milestone of 10 million users comes shortly after the government announced plans to introduce smart data powers through a new Digital Information and Smart Data bill, which is expected to lay the groundwork for the future development of the open banking ecosystem, according to OBL.