{"id":610752,"date":"2023-02-22T07:50:58","date_gmt":"2023-02-22T13:50:58","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/22\/seven-million-people-in-uk-used-open-banking-services-in-2022\/"},"modified":"2023-02-22T07:50:58","modified_gmt":"2023-02-22T13:50:58","slug":"seven-million-people-in-uk-used-open-banking-services-in-2022","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/22\/seven-million-people-in-uk-used-open-banking-services-in-2022\/","title":{"rendered":"Seven million people in UK used open banking services in 2022"},"content":{"rendered":"<div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero Images\/banking-finance-growth-1-adobe_searchsitetablet_520X173.jpg\" data-credit=\"Julien Eichinger - stock.adobe.c\"  width=\"520\" height=\"173\" alt><\/p>\n<p>Julien Eichinger &#8211; stock.adobe.c<\/p>\n<\/p><\/div>\n<div id=\"content-header\">\n<h2>Over seven million people used services that harnessed open banking, with 1.2 million of these first time users.<\/h2>\n<\/div>\n<div id=\"content-center\">\n<ul>\n<li><i data-icon=\"1\"><\/i><\/li>\n<li><i data-icon=\"2\"><\/i><\/li>\n<\/ul>\n<div id=\"contributors-block\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"Karl Flinders\">\n\t\t\t\t\t<\/p>\n<p><span>By<\/span><\/p>\n<ul>\n<li>\n\t\t\t\t\t<a href=\"https:\/\/www.techtarget.com\/contributor\/Karl-Flinders\">Karl Flinders,<\/a><br \/>\n\t\t\t\t\t\t<span>Chief reporter and senior editor EMEA<\/span>\n\t\t\t\t\t\t<\/li>\n<\/ul>\n<p>\n\tPublished: <span>21 Feb 2023 16:00<\/span>\n<\/p>\n<\/div>\n<section id=\"content-body\">\n<p>More than seven million people in the UK used open banking last year, five years after the competition regulator forced banks to introduce services.<\/p>\n<p>According to figures, reported to Open Banking Limited (OBL) by the nine banks and building societies that had to implement open banking functionality, two million <a href=\"https:\/\/www.computerweekly.com\/news\/252513636\/Open-banking-surpasses-five-million-UK-customers\">users have been added since this time last year<\/a>.<\/p>\n<p><a href=\"https:\/\/www.computerweekly.com\/news\/450433014\/Retail-banking-regulations-hit-UK-with-the-potential-of-a-Big-Bang-moment\">Open banking services<\/a>\u00a0were made possible by the\u00a0<a href=\"https:\/\/www.computerweekly.com\/news\/450433014\/Retail-banking-regulations-hit-UK-with-the-potential-of-a-Big-Bang-moment\">European Union\u2019s Payment Services Directive 2<\/a> (PSD2).<\/p>\n<p>In January 2018, UK banks were required to implement the Competition and Markets Authority\u2019s open banking regulations. This led to the development of <a href=\"https:\/\/www.computerweekly.com\/ezine\/Computer-Weekly\/Putting-APIs-to-work\">application programming interfaces<\/a> (APIs) in banking to give consumers more control over their accounts. Through these APIs, third parties and multiple finance firms can use a consumer\u2019s data to recommend the best service, including bank accounts.<\/p>\n<p>The end goal was to increase competition in a sector dominated by big financial services companies. Customer banking data is shared by the industry through APIs, with customer permission, enabling businesses to offer tailored products.<\/p>\n<p>Marion King, chair of OBL, which enforces open banking obligations on banks, said: \u201cOpen 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.<\/p>\n<p>\u201cAs 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,\u201d she said.<\/p>\n<p>A total of 1.2 million of the users were doing so for the first time. \u201cFrom 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,\u201d said <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.linkedin.com_in_henkvanhulle_&#038;d=DwMFAg&#038;c=tEbGsWWjqkBSpaWdXc_mdMSanI1bDu-FKXiKGCfVmPM&#038;r=OMSFjQuAVjHukdzo7QG3EWJo9ArmTe253Ok8XiU33bE&#038;m=5BigK-mkcDkTxN_fCQWgdpjS1tJ8bSwQEltSDhe9khJ7kOGV8r_U4fB57IFSyXJQ&#038;s=M8Bni5c6ilBS0Rns_Jf8YCy64HxEYQHk2HOg8eOQjZA&#038;e=\" target=\"_blank\" rel=\"noopener\">Henk Van Hulle<\/a>, CEO at OBL.<\/p>\n<p>While open banking has seen gradual take-up and the development of a new sector of fintech, open finance as the next phase of <a href=\"https:\/\/www.computerweekly.com\/news\/252513636\/Open-banking-surpasses-five-million-UK-customers\">open banking<\/a> will go much further. Open finance will see firms share data across more services, such as mortgages and loans, also via APIs, and offer products and services from external organisations.<\/p>\n<p>A survey of about 800 manager-level executives at finance firms, from IT financial services software supplier Finastra, found that 85% believe open finance is already having a positive effect and making the finance sector more collaborative. Most (80%) believe the sector is open to collaboration.<\/p>\n<p>The appetite to develop open banking software in the financial services sector has added focus and resources to open banking.<\/p>\n<p>For example, the <a href=\"https:\/\/www.computerweekly.com\/news\/252507664\/Mastercard-acquisition-of-Aiia-is-a-further-sign-of-open-bankings-big-future\">acquisition of Danish fintech Aiia<\/a> by Mastercard in 2021 was a sign that open banking is entering a new phase.<\/p>\n<p>The takeover of Aiia \u2013 previously the Nordic API Gateway \u2013 for an undisclosed sum came hot on the heels of\u00a0<a href=\"https:\/\/www.computerweekly.com\/news\/252502981\/Visa-to-acquire-Swedish-open-banking-fintech-for-18bn\">Visa\u2019s \u20ac1.8bn acquisition of Sweden\u2019s open banking fintech, Tink, in June<\/a>. Both fintechs are now part of huge global financial services organisations with opportunities to integrate open banking technology into every corner of consumer and business financial activity.<\/p>\n<p>The acquisition gave Aiia, like Tink after the Visa takeover, the resources to take a concept, often shrouded in mystery for consumers and many businesses, to new levels.<\/p>\n<\/section>\n<section id=\"DigDeeperSplash\">\n<h4>\n\t\t\t<i data-icon=\"m\"><\/i>Read more on IT for financial services<\/h4>\n<ul>\n<li><a id=\"DigDeeperItem-1\" href=\"https:\/\/www.computerweekly.com\/news\/252529517\/SMEs-keen-on-embedded-finance-but-more-choice-needed-to-increase-take-up\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/banking-finance-growth-investment-charts-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/banking-finance-growth-investment-charts-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/banking-finance-growth-investment-charts-adobe.jpg 1280w\" alt ><\/p>\n<h5>SMEs keen on embedded finance, but more choice needed to increase take-up<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-2\" href=\"https:\/\/www.computerweekly.com\/news\/252528247\/Top-10-Financial-services-IT-stories-of-2022\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/banking-finance-growth-2-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/banking-finance-growth-2-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/banking-finance-growth-2-adobe.jpeg 1280w\" alt ><\/p>\n<h5>Top 10 financial services IT stories of 2022<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-3\" href=\"https:\/\/www.computerweekly.com\/news\/252526279\/Lloyds-Bank-launches-innovation-sandbox\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/Lloyds-Bank-hero-AdobeStock_335507737_Editorial_Use_Only_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/Lloyds-Bank-hero-AdobeStock_335507737_Editorial_Use_Only_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/Lloyds-Bank-hero-AdobeStock_335507737_Editorial_Use_Only.jpg 1280w\" alt ><\/p>\n<h5>Lloyds Bank launches innovation sandbox<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-4\" href=\"https:\/\/www.computerweekly.com\/news\/252525679\/Next-phase-of-open-banking-already-gathering-pace\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/payment-mobile-online-shopping-Aris-Suwanmalee-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/payment-mobile-online-shopping-Aris-Suwanmalee-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/payment-mobile-online-shopping-Aris-Suwanmalee-adobe.jpg 1280w\" alt ><\/p>\n<h5>Next phase of open banking already gathering pace<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p><a href=\"https:\/\/www.computerweekly.com\/news\/365531612\/Seven-million-people-in-UK-used-open-banking-services-in-2022\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Gaylene Byron<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Julien Eichinger &#8211; stock.adobe.c Over seven million people used services that harnessed open banking, with 1.2 million of these first time users. By Karl Flinders, Chief reporter and senior editor EMEA Published: 21 Feb 2023 16:00 More than seven million people in the UK used open banking last year, five years after the competition regulator<\/p>\n","protected":false},"author":1,"featured_media":610753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[308,2249,46],"tags":[],"class_list":{"0":"post-610752","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-million","8":"category-seven","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/610752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=610752"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/610752\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/610753"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=610752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=610752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=610752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}