After a plodding start, open banking is finally gaining speed in the UK. Users grew from 1 million in January 2020 to 3 million this year. It’s still way behind target and lags countries such as South Korea, which has 20 million open banking users. But it is encouraging given open banking’s potential to revolutionise financial services.
The revised payment services directive (PSD2) that initially drove open banking is three years old. Its goal was to level the playing field for customers by giving third parties digital access to bank infrastructure.