Between 7.5 and 8.5 per cent of digitally-enabled consumers are now using at least one open banking service, new research has found.
This is up from 5.5 per cent of consumers who were actively using open banking by December 2020.
In the second edition of the Open Banking Impact Report from the Open Banking Implementation Entity (OBIE), it was revealed that open banking uptake is increasing, while the availability of services continues to expand.
Open banking payments are proving to be particularly popular, with 11 million transactions taking place between February and August 2021. This compares with 700,000 open banking payment transactions across the whole of 2020.
Users of open banking apps and products appear to be pleased with the services available, with 76 per cent saying that they will or are likely to continue using the services, and 90 per cent reporting they are easy to use and set up. 83 per cent of users indicated that they would be interested in expanding their use of open banking-enabled services.
“I’m really pleased the Open Banking Impact Report points to a continued growth in open banking services,” said Charlotte Crosswell OBE, chair and trustee of OBIE.
“The focus in the past few years has been building the infrastructure completely from scratch. We’re now beginning to see exciting new providers and products emerge with an even stronger pipeline. It’s great to see continued adoption from consumers and [businesses], but importantly seeing that these tools are solving real world issues such as saving and budgeting. That’s really important to me and the best is very much yet to come.”
The OBIE has estimated that half of the UK’s open banking users are aged 25 to 44, and that many early adopters of open banking enabled services are typically less experienced and have lower financial confidence.