Open Banking-enabled services were used by 7 million consumers and SMEs in the UK during January, of which 1.2 million were first-time users, according to Open Banking Limited (OBL).
New chair and trustee of OBL, Marion King, called the figures “encouraging”.
User numbers are reported to the OBL by the CMA9 – the UK’s nine largest current account holders that were mandated under the Competition and Markets Authority (CMA) Order to implement Open Banking in the UK.
King said: “Open 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.
“It is encouraging to see that seven million people have been empowered to take advantage of the benefits of Open Banking.”
She added: “As 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.”
Last week, the Open Banking Strategic Working Group published its final report for the Joint Regulatory Oversight Committee (JROC).
The report will inform JROC’s recommendations on the vision for Open Banking in the UK, due to be set out, alongside the design of the future entity, in the first quarter of 2023.
Henk Van Hulle, chief executive officer of OBL, said it is “significant” that 1.2 million of the 7 million are first-time users of Open Banking.
“From 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,” he added.
King has succeeded Charlotte Crosswell, who stood down from the OBIE on 31 January 2023, following the completion of her trustee mandate.