One in five consumers and businesses now use open banking services, up from one in 17 in 2021, according to a new report.
Fresh figures from Open Banking Limited, the entity tasked by the government with the implementation of open banking technology, have revealed there are around 13.3 million active open banking users in the UK, including individuals and small businesses. This represents a 40% increase from the 12 months preceding March.
According to the group’s latest OBL Impact Report, for the first time since the launch of open banking in 2018, consumer adoption has reached almost the same level as small businesses.
In March alone 31 million open banking payments were made, the report said, noting a particular uptake in the travel and ecommerce sectors as well as credit card payments and savings account deposits.
“Open banking is no longer a promise – it is a reality that’s delivering tangible impact at scale,” said Luke Ryder, policy and strategy director at Open Banking Limited.
“We are seeing a dynamic, user-led ecosystem emerge – one that helps people manage their finances, boosts SME productivity, and improves access to credit.”
The UK has been one of the fastest adopters of open banking technology in the world, which is often credited as a key reason why the British fintech sector is so competitive globally.
Labour’s manifesto promised to continue to support and expand the implementation of open banking, however many in the industry, including tech lobby group Startup Coalition, have argued the government should act faster.
“Open banking plays a key role in delivering the Government’s National Payments Vision and its wider efforts to stimulate economic growth across key industry sectors,” said Labour MP Luke Charters.
“It’s brilliant to see that one in five of my constituents and small businesses are using open banking-powered products and services, giving them greater control over their money and access to real-time data insights to help them run their businesses more efficiently.”
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