Recent data provided by Open Banking Limited (OBL) has revealed that Open Banking technology is currently utilised by 10 million consumers and small businesses consistently. Following the Government’s decision to introduce a Smart Data Bill in the King’s Speech, OBL announced that currently there are 10 million consumers and small and medium-sized enterprises (SMEs) that benefit from the capabilities of Open Banking and manage their financial lives through it.

The news underlined the increasing adoption of Open Banking technology, with competition being among the substantial drivers of growth. In addition, OBL mentioned that there has been a move from existing providers towards expanding their offerings and leveraging Open Banking, whilst launching new propositions. Moreover, representatives from OBL highlighted their company’s enthusiasm over the current achievement, underscoring how more consumers and businesses leverage the financial opportunities that Open Banking offers. Also, Open Banking works towards optimising individuals’ financial well-being by allowing them to access cost-effective credit, developing a regular savings habit, and making more informed financial decisions.

Background on the announcement OBL’s announcement comes shortly after the Government promised to introduce smart data capabilities via a new Digital Information and Smart Data (DISD) bill, with the legislation intending to develop on the significant work that Open Banking delivered, creating a foundation for growth in the ecosystem. In addition, the legislation is set to provide the features of Open Banking as the UK transitions from the current competition remedy to a long-term regulatory framework. Furthermore, OBL plans to continue to promote Open Banking technology and increase its user adoption, whilst delivering more benefits to businesses and consumers via smart data schemes across significant economic sectors. Through this, the company aims to further support economic advancement and development, with the UK’s Open Banking ecosystem already being worth over GBP 4 billion to the region’s economy.

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