The Open Banking Implementation Entity’s (OBIE) latest Open Banking Impact Report has revealed there is currently in excess of six million regular users of Open Banking-enabled services in the UK.
Published bi-annually, OBIE’s report undertakes research to assess the progress of Open Banking adoption in the UK and its affect on small businesses and consumers.
A new element of research undertaken in this third report focused on how small businesses were utilising cloud accounting, an area in which Open Banking plays a key role, given it enables companies to connect their bank account to their chosen accounting service.
The research showed that 75 per cent of respondents started using cloud accounting no more than three years ago, while 36 per cent reported adopting it within the past year.
Other key findings in the report included the insight that between 10 and 11 per cent of digitally-enabled consumers and small businesses used Open Banking during March 2022 -- a figure rising from between 6 and 7 per cent in March 2021.
In the six months to March 2022, the report found there were 21.1 million Open Banking payments, compared to 6.1 million in the same period the previous year – putting month-on-month growth at around 10 per cent.
Commenting on the latest findings, Charlotte Crosswell, chair and trustee at OBIE, said: “I am really pleased to see continued growth of Open Banking products across consumers and SMEs.
“From allowing people to get their mortgage approved more quickly to paying HMRC, utility bills or charitable donations, the products available continue to grow and are becoming more visible.”
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