The number of consumers using open banking has doubled in the past six months to more than one million, the UK’s Open Banking Implementation Entity (OBIE) reports, and there are now a total of 204 regulated service providers — up from 100 at the end of 2018.
The one million open banking users now generate more than 200m calls every month, the OBIE adds.
“One million is a significant milestone, but by no means is it the end,” says Imran Gulamhuseinwala, trustee of the OBIE.
“Open Banking is about giving customers access to their data to rebalance the market in their favour.
“By creating greater competition, we are seeing innovation from new entrants and incumbents, which is leading to greater convenience and crucially greater engagement.
“We believe 2020 will be the year when adoption of Open Banking financial services really takes off.”