UK businesses are adopting open banking products at a higher rate than consumers
IN BRIEF:
- Open banking has a 16% penetration rate for SMEs, versus an 11% rate for consumers
- Small business use is dominated by data-driven account information services which allow firms to see multiple accounts in one place
- There are 159 fully regulated firms with live open banking-enabled products available to consumers and businesses
What does this mean?
Marion King, chair and trustee, OBL, says: “It is encouraging to see a continued and steady increase in the adoption of open banking products and services, particularly by the UK’s small firms which are seeing tangible benefits from real-time business insights offered by open banking data."
