The number of consumers choosing to share their data through Open Banking has tripled since February 2020, as people increasingly used digital financial tools to manage their finances during the pandemic, new analysis has shown.
The analysis by Experian and the Open Banking Implementation Entity (OBIE) found that in February this year, Experian’s Open Data Platform recorded more than 188 million data sharing requests, up from 47 million in February 2020, with 30% of the 669 million made in the UK overall.
Separate research by the OBIE revealed that one in five UK adults started using online banking-powered apps during lockdown and that 54% of Britons say they now use them regularly.
The analysis also showed that, over the same period, Open Banking adoption among lenders has soared.
Recent research conducted by Experian found that 57% of lenders have adopted Open Banking technology in the past 12 months.
Lisa Fretwell, managing director of data services at Experian, said there had been an “incredible boom” in digital financial tools over the course of 2020.
“People are increasingly understanding the ways their financial data can help them manage their finances more productively,” she said.
“They’re increasingly calling on it to support their financial management and planning – more of a priority than ever as we face into a second year of potential economic upheaval.”
David Beardmore, ecosystem development developer at the OBIE, added: “Open Banking is a safe and secure way to share your financial data and it’s great to see from this research that more people are benefiting from the technology in the current climate.”
Fretwell said that the next step is “about moving as an industry to help build understanding about the benefits of these tools”, ensuring that consumers feel confident in “how and when they want to share their data, and the value they get in return”.