The Trustee of the Open Banking Implementation Entity Imran Gulamhuseinwala today heralded the news that one million Brits have used Open Banking since its 2018 launch.
“One million is a significant milestone, but by no means is it the end,” said Gulamhuseinwala, an AltFi Powerlist 50 listmaker.
In fact, one million is actually the low-ball figure. Given these numbers are provided by the CMA9 (the nine largest banks in the UK) they don’t include the likes of Starling Bank and Monzo who were early adopters of the technology.
The network of OpenBanking service providers—including banks, account aggregators, financial advice, accountancy services and credit ratings—now total over 200.
Between these service providers there are now over 200m monthly calls for financial data.
“OpenBanking is about giving customers access to their data to rebalance the market in their favour. By creating greater competition, we are seeing innovation from new entrants and incumbents, which is leading to greater convenience and crucially greater engagement,” added Gulamhuseinwala.
The OBIE reported that 2019 was a pivotal year for Open Banking, seeing the total number of customers using these inter-bank connections double, while Gulamhuseinwala predicted 2020 will be even more important.
“We believe 2020 will be the year when adoption of Open Banking financial services really takes off.”