Open Banking users surge to 7m in the UK

By Gloria Methri

The number of consumers and SMEs actively using Open Banking powered services in the UK has reached 7 million for the first time in January.

Open Banking Limited (OBL) reported the addition of 1.2 million first-time users, bringing the total number of consumers and small and medium-sized businesses (SMBs) using Open Banking to the landmark figure of 7 million.

The user numbers were reported to OBL by the CMA9, and the banks and building societies mandated under the CMA Order to implement Open Banking in the United Kingdom.

Henk Van Hulle, Chief Executive Officer of OBL, said, “I am delighted that we have now reached 7 million active Open Banking users in the UK. It is significant that 1.2 million of these are first-time users. From access to cost-effective credit, building a regular savings habit, or making more informed financial decisions – OBL is delivering the means for our citizens to improve their financial well-being.”

The upward trend comes just one month after the completion of the CMA Roadmap and five years after open banking was made a regulatory requirement in the U.K. by the Second Payment Services Directive (PSD2).

Marion King, Chair and Trustee of OBL, said, “OBL is good for the nation, increasing competition and allowing consumers and SMEs to benefit from new and innovative ways to manage their financial lives. It is encouraging to see that 7 million people have been empowered to take advantage of the benefits of OBL.

“As we await key recommendations on the future vision for OBL from the Joint Regulatory Oversight Committee, this strong growth underlines the need to continue the momentum so that the many benefits of OBL are developed, promoted, and made available to millions more of our citizens.”