EXECUTIVE SUMMARY

Open Banking Limited (OBL) 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. Our 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 are adopted

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 four previous Impact Reports each provided incremental insights into different aspects of this Theory of Change. 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 75% 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