According to Open Banking Ltd (OBL), the number of regular users of Open Banking has surpassed 10 million, marking a significant milestone.
OBL noted that this milestone underscores the positive momentum of Open Banking technologies, with millions of consumers and small businesses taking advantage of financial management and payment tools.
The organisation believes that competition has played a crucial role in driving growth, noticing that when one company adopts Open Banking technology, its competitors quickly do the same.
Another factor contributing to this milestone is that existing providers have been broadening their services and increasingly integrating the technology.
Marion King, OBL Chair and Trustee, commented: “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.”
OBL was created in 2016, before the official launch of Open Banking in 2018. The CMA9 established this organisation following an investigation which revealed that older and larger banks needed to compete more aggressively for customers. The aim was to provide a new, secure way for customers to compare the services and deals offered by different banks.
Although this happened under the Conservative’s time in charge of the country, the new Labour government has made its intentions clear.
This announcement follows the recent commitment by the government to introduce smart data powers via the new Digital Information and Smart Data Bill, with the legislation looking to build on the achievements of Open Banking.
To celebrate the milestone, OBL is holding a Strategy Summit, hosted by TrueLayer, a leading platform provider. At the Summit, leaders in the sector will discuss the next phase of UK Open Banking as well as how the industry can continue to drive adoption and innovation.
Henk Van Hulle, OBL CEO, said: “Open banking has shown what a truly smart data economy can achieve. We look forward to continuing to support the Government, regulators and other industries to ensure open banking goes from strength-to-strength. It also cements the UK’s role as a standard-setter for open banking across the globe, with many countries adopting a similar approach.”