In January 2018, the United Kingdom (UK) launched open banking to improve the way finances in the UK are managed, borrowed, saved and invested. Now, more than one year on, the UK has set a gold standard for open banking. Despite the fact open banking is still a relatively new concept in the country, its uptake has been spurred on by a change in the attitude of banks, which have begun exploring the potential open banking offers as well as other FinTech solutions. As for the public, open banking products are expected to take off, especially once it is widely-understood that such products are safer than many currently-used methods.
Looking forward, open banking in the UK is expected to continue its expansion, moving beyond just current account products and extending into transactional accounts (e.g. credit cards, e-wallets and mortgages). As new solutions launch, curiosity from consumers will continue to increase. In fact, early estimates indicate that 71% of small- and medium-sized enterprises (SMEs) and 64% of adults will use open banking products by 2022. This, in the end, will lead to a new era within the financial sector, one filled with innovative solutions that make life and business easier than ever before.