UK Open Banking marks 10 million user milestone

By Gloria Methri

More than 10 million UK consumers and small businesses are now regularly benefiting from using open banking technology.

The milestone comes over 6 years after the rollout of open banking in the UK, which, said Open Banking Limited (OBL), built an ecosystem worth more than £4 billion to the economy and created around 5,000 skilled digital jobs.

The number of Payment Initiation Service users is up 61% year over year, while the number of Account Information Service users has grown 27% year over year.

Marion King, OBL Chair and Trustee, said, “I am delighted that we have reached 10 million users. 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 to building a regular savings habit to making more informed financial decisions, open banking is delivering the means for millions of people to improve their financial well-being, delivering a true public good.”

The announcement comes just days after the UK Government committed to introducing smart data powers through a new Digital Information and Smart Data (DISD) Bill. This legislation will lay the foundations for future growth of the open banking ecosystem and will propel the UK forward towards an innovative, data-driven economy.

Henk Van Hulle, OBL CEO, welcomed the Government’s announcement, saying, “Open banking has shown what a smart data economy can achieve. We look forward to continuing to support the Government, regulators and other industries to ensure open banking goes from strength to strength. It also cements the UK’s role as a standard-setter for open banking across the globe, with many countries adopting a similar approach.”

This achievement highlights the positive momentum and growing adoption of open banking technologies. Competition has been a critical driver of growth in the sector, as when one company focuses on open banking technology, its direct competitors soon follow. OBL also noted that existing providers have expanded their offerings and use of open banking, as well as launched creative new propositions.

The Department for Business and Trade estimates the value of open banking and smart data schemes have the potential to increase GDP by £28 billion.

OBL said it will continue to promote open banking to increase user adoption, unlocking additional benefits for businesses and consumers through smart data schemes across key economic sectors.