In July, significant growth in the use of Open Banking was observed as the UK advances its standing in global digital finance.

According to recent data from Open Banking Limited (OBL), over 15.6 million individuals and businesses utilized Open Banking services last month, nearly a third of the adult population in the country. The technology saw a 3.5% increase in usage compared to June for activities like paying taxes and ordering takeout.

Stats on Open Banking in the UK

The year-over-year adoption has shown an increase of 34%, indicating growing customer demand for secure, convenient, and transparent financial services. This marks a shift from niche development to becoming a central component of modern financial services.

Payments remain the primary driver of this growth, with a noted rise of 8.7% in total payment value to reach 29.89 million transactions. This indicates progress in data-enabled technology supported by better infrastructure and enhanced customer interest.

Value Reference Point (VRP) usage is also on the rise as an Open Banking-enabled innovation, allowing users more control over their regular payments. In June, VRPs comprised 4% of all Open Banking transactions, marking a 8.6% increase to 4.26 million.

Regulatory Developments

The data from OBL comes after the introduction of significant legislation known as the Data Use and Access Act, which outlines regulations for the next stages of Open Banking, Open Finance, and Smart Data in the region. These regulatory plans play a crucial role in future developments, expanding adoption, and ensuring that advanced financial services benefit more businesses and individuals.

OBL representatives emphasize that these numbers show how integral Open Banking has become in everyday life with various use cases. To sustain this progress, they aim to collaborate closely with the government, regulators, and other stakeholders to maximize the technology’s potential benefits.