73% of British SMEs don’t understand what open banking is

A survey of 1,000 small- and medium-sized enterprises (SMEs) carried out on behalf of iwoca (a leading British FinTech) found that nearly three quarters (73%) were unable to identify what open banking is, indicating a severe lack of public awareness surrounding open banking and its benefits. iwoca announced that it will continue its work to finalize connections with banks, helping to maximize the impact of open banking.

Open banking is an important tool for helping SMEs better manage their finances and provide quality services to consumers. It is important to note that SMEs are, themselves, an important part of the United Kingdom’s economy, employing 16 million and having a combined turnover of more than GBP 2 trillion.