EXECUTIVE SUMMARY
The Open Banking Implementation Entity (OBIE) produces the Open Banking Impact Report1 every six months to support greater understanding of how open banking is evolving and the extent to which it may be helping the UK’s consumers and small businesses.
The approach to the report is underpinned by a comprehensive Theory of Change. This is based on the premise that the ultimate success of open banking depends on:
the availability of different types of open banking-enabled services
whether these services are adopted by consumers and small businesses
the extent to which users have a positive experience of them
if and how consumers and small businesses are actually benefiting from open banking-enabled services.
Our three previous Impact Reports each provided incremental insights into different aspects of this Theory of Change. For this report, we have not commissioned specific end-user research on particular open banking use cases. We intend to commission new research, which provides outcomes-related insights, for future reports.
The key insights in this Impact Report are:
Availability of open banking services
- Availability of services continues to expand, however growth is increasingly coming from participants which are not regulated as TPPs, such as agents.
- We have a significant number of services in three outcome areas:
- financial decision-making
- payments
- borrowing.
These account for 76% of all propositions offered by TPPs and their agents.
Adoption of open banking services
- Adoption has continued to grow, with 10 – 11% of digitally-enabled consumers now estimated to be active users of at least one open banking service. This is up from 7 – 8% in December 2021.
"Adoption has continued to grow, with 10 – 11% of digitally-enabled consumers now estimated to be active users of at least one open banking service. This is up from 7 – 8% in December 2021."
1The Revised Roadmap refers to the delivery of a Consumer Evaluation Framework (or CEF). For publication purposes we refer to this as the Open Banking Impact Report.
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