Tim Waterman, Chief Commercial Officer, Zopa argues that awareness of the consumer benefits needs to be improved for the next leg of growth for open banking.
Reports show that we are nearing 4 million open banking customers in the UK. Although this sounds like a large number, should we be patting ourselves on the back? Arguably, not yet.
Since its inception, the goal has always been to bring open banking into the mass market, so as many people as possible can enjoy the benefits of the technology. While progress has been made by several players using open banking to help customers in innovative ways, there is still more that can be done.
By raising awareness and offering the right innovative, truly impactful products, by 2025, around 40 million people could have accessed open banking services and a quarter with some regularity.
This is a bold estimate, and will only be achievable if the industry continues to push forward with innovative, more beneficial uses of open banking that are easily accessible throughout a number of new verticals.
Read Tim’s blog covering delays and opportunities.