INTRODUCTION
The Open Banking Impact Report provides regular insight into the adoption, experience and outcomes being delivered by open banking to the UK’s consumers and small businesses. It is built on a Theory of Change, created by the Personal Finance Research Centre at the University of Bristol, which suggests that outcomes from open banking will come from a four-step process:
Availability:
services come to market in areas which deliver value for consumers and small businesses.
Adoption:
consumers and small businesses adopt these services.
Experience:
the users of these services have positive experiences and find the services helpful.
Outcomes:
the users realise lasting change in their financial lives.
For 2024, given that there is significant change planned for the delivery of open banking, we are providing a mini-Impact Report focusing on adoption only.
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