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Open Banking Users Double To 2m In UK

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The fledgling Open Banking regime in Australia can point to user growth in the UK and take heart that what is currently a slow & steady start is merely the start of something much bigger.

Whilst a mere 6 months ago, the UK's Open Banking Implementation Entity (OBIE) reported user numbers of 1m Brits, the figure has now leapt to 2m, buoyed by a prolonged lockdown and budget-savvy consumers looking for better deals & easier switching online.

Money management apps & account aggregation are the most common use-cases currently with payments tipped to be the next major area of growth.

https://www.altfi.com/article/7089_open-banking-doubles-its-user-base-to-2m-brits-in-just-six-months?



What do you think?


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Comments
Nevilledp @ 2021.03.13 8:49 AM

Electronic banking is amazing, in RSA the banks had moved in this direction almost 15 years ago due to two factors, cost saving for them on infrastructure and staffing, reduced risk due to increased crime around cash machines and carrying cash.

My UK banks were nonplused when I said no thank you to cheque books.

A specific risk however is criminal syndicates that embed themselves in the banks customers service centers which support users. 



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