Open banking hits seven million user milestone
More than seven million consumers and small- and medium-sized enterprises (SMEs) used open banking services in January, in the latest milestone for the data-sharing technology.
According to new statistics from Open Banking Limited (OBL), the number of people actively using open banking powered services in the UK tipped seven million for the first time last month.
It comes just seven months after open banking reached its six million user milestone.
“Open banking is good for the nation, increasing competition and allowing consumers and SMEs to benefit from new and innovative ways to manage their financial lives,” said Marion King, chair and trustee of OBL.
“It is encouraging to see that seven million people have been empowered to take advantage of the benefits of open banking.
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“As we await key recommendations on the future vision for open banking from the joint regulatory oversight committee, this strong growth underlines the need to continue the momentum so that the many benefits of open banking are developed, promoted, and made available to millions more of our citizens.”
Henk Van Hulle, chief executive of OBL, added that 1.2 million of January’s seven million users were using open banking for the first time.
“From access to cost-effective credit, building a regular savings habit or making more informed financial decisions – open banking is delivering the means for our citizens to improve their financial wellbeing,” Van Hulle said.
On 13 January, open banking celebrated its fifth anniversary.
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