Open Banking reaches over 5 million users

Open Banking services are now being used by more than five million people in the UK, according to data provided by the CMA9.

The CMA9 represents the nine British banks and building societies mandated by a Competition and Markets Authority order to roll out Open Banking in the UK.

The milestone marks the fourth anniversary of PSD2, which made Open Banking a regulatory requirement in the UK.

The figures come six weeks after 53 FinTechs signed a letter challenging a claim by Starling’s Anne Boden that Open Banking has “not been a success”.

In 2021, the challenger bank’s chief executive and founder told the Treasury Select Committee that Open Banking does not encourage people to switch banks and that customers are not influenced to change simply because they can take their data with them.

“Open Banking was predicated on delivering increased competition and providing consumers and small businesses with new and innovative solutions,” said Charlotte Crosswell, trustee of the Open Banking Implementation Entity (OBIE).

“It is therefore extremely encouraging to see that more than 5 million active users are now leveraging the benefits of Open Banking.

“This accelerated growth strongly represents a world-leading and thriving ecosystem bringing an ever-increasing range of real-world solutions, that in turn is driving mass user adoption.
“As Open Banking technology embeds and becomes easier to use, we look forward to seeing this momentum continue.” 

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