Open banking data shows use of the technology is on the rise
The Open Banking Implementation Entity (OBIE) has hailed the momentum building in adoption of the data-sharing initiative.
The OBIE has revealed that 330 regulated providers now have at least one open banking proposition live with customers.
“Since joining the OBIE, I have been extremely impressed by the work going on behind the scenes across the ecosystem to take open banking mainstream,” Charlotte Crosswell (pictured), chair of the OBIE, said.
“There is so much potential in terms of empowering consumers and small businesses to use their data to unlock better financial products and services.
“This in turn will stimulate financial innovation and drive greater collaboration between banks and challengers in the interests of their customers. I am particularly excited by the great momentum in open banking payments, and I look forward to that continuing.”
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It comes as research published by open banking platform Tink identified an increase in spending on the technology among Europe’s financial executives.
Almost half, 47 per cent, said their open banking budgets have risen in 2021.
This follows a challenging year in 2020, where Tink’s research among 308 financial executives across 12 European countries found most financial institutions battled budget restrictions against the race to serve more customers digitally.
Investment in payment initiatives is now the priority when it comes to the use of open baking, as ranked by 72 per cent of respondents to the research.
Improving the customer experience, and ID verification were also identified as some of the main open banking uses.
Read more: Zopa: 40pc of UK adults would use open banking to improve access to credit
“As open banking moves towards mainstream adoption, we’re not surprised to see investments in data-driven initiatives increasing,” Daniel Kjellén, co-founder and of Tink, said.
“Financial executives have set their sights on a broad range of open banking use cases, from payments to credit assessments to carbon tracking, unleashing a new wave of value creation that both consumers and businesses will benefit from.”
