There are now 10.09 million active consumer and small business users of Open Banking in the UK, with one in five SMEs regularly using Open Banking technology, according to official figures.
Marion King, chair and trustee of Open Banking Limited (OBL), said at its Strategy Summit in London yesterday (23 July) that the number of users reached in June was a 66% increase in 18 months.
OBL attributed the growth in users of Open Banking technology to competition, having observed that when “one company focuses on Open Banking technology its direct competitors soon follow”.
OBL has also seen existing providers expand their offers and use of Open Banking, as well as the launch of “creative new propositions”.
King said: “I’m delighted that we’ve 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, building a regular savings habit or making more informed financial decisions, Open Banking is delivering the means for millions of people to improve their financial wellbeing, delivering a true public good.”
At the OBL Strategy Summit, King also discussed the Digital Information and Smart Data (DISD) Bill, which made it into the King’s Speech earlier this month, calling it “one cornerstone” of the long-term regulatory framework that is being worked towards.
Henk Van Hulle, chief executive officer of OBL, who took part in a panel at the OBL Strategy Summit, acknowledged the role of the Smart Data Council in ensuring the DISD Bill was included in the King’s Speech.
The Department for Business and Trade has estimated the value of Open Banking and Smart Data schemes have the potential to add £28 billion to the UK’s GDP.
The UK’s Open Banking ecosystem is already worth more than £4 billion to the UK economy.
At the start of July, OBL released the fourth version of the UK’s Open Banking Standard, which included mandatory updates to the security profile and international messaging standards, ISO 20022, as well as optional updates.
