The launch of open banking in 2018 promised to forge a new way for financial services. It was a bold statement of intent, and the reality is that it was never going to be possible to get people excited about what was essentially a change in the ‘plumbing’ of the financial services sector. However, three years and one pandemic later, people are really starting to register their interest in the increasing number of digital apps and services that are underpinned by open banking data.

Despite a slow start in the early stages, we saw things move forward significantly during 2020. In fact, the number of people choosing to share their data through open banking has tripled since the start of the Covid-19 pandemic. As a result of the pandemic, many people have turned to digital - as accessing branches, or using cash, became increasingly difficult, particularly during lockdown. Lenders are also seeing the benefits with recent Experian research finding that 57% of lenders have adopted open banking technology in the last 12 months, helping people manage their finances in more fluid and intuitive ways online. People are increasingly understanding the ways their financial data can help them manage their finances more productively. The use of these financial digital apps and services offer people new insights that can help them manage their money and access better products that they may not have been able to access before.


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Open Banking Will improve people's financial health.