Open Banking Impact Report is out, and it’s packed with insightful data about the adoption, experience, and outcomes driven by open banking in the UK. 

Here are some highlights:

By January 2024, 1 in 7 digitally active consumers and 1 in 5 small businesses in the UK were using open banking.

In August 2023, open banking payments overtook data for the first time. The expansion of payments is a clear trend, with a notable uptick in data penetration.

The number of open banking payments recorded by OBL reached a record high of 14.5m in January 2024. This represents 69% year-on-year growth.

Small business penetration continues to climb, outpacing consumer adoption, though the gap is narrowing.

Let’s keep driving innovation and embracing the power of open banking!

Read the full report for more insights here: https://www.openbanking.org.uk/insights/latest-impact-report-shows-strong-growth-and-the-power-of-payments/