Open Banking is taking a firm hold in the UK, with user numbers doubling to two million in just over six months.
The latest figures from the Open Banking Implementation Entity (OBIE), the body set up by the Competition and Markets Authority (CMA) to deliver open banking in the UK, show a steady increase at a rate of around 160,000 users per month.
The upshift comes as more consumers seek to gain control over their own data in order to better manage their finances during the Covid-19 pandemic.
Open Banking used to be the best kept secret in financial services. With 2 million active monthly users and growing strongly that is clearly no longer the case. We can now see that people want to exercise their rights over their data and will do so, as long as you make it simple and secure. Open Banking enabled products are rebalancing the market in favour of consumers and small businesses. Users are now able to engage more with their finances and getting access to better products.”
Imran Gulamhuseinwala of the OBIE
The OBIE report that Open Banking can be used in multiple ways to help users access their banking data and better manage their finances.
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