The UK financial sector celebrates a major achievement: open banking usage now includes over 15 million users as of July 2025. This milestone marks a rapid increase in adoption among individuals and businesses since its introduction. Nearly one in three UK adults now use open banking, demonstrating growing trust in this technology.
Open banking leverages digital technology to securely and efficiently share financial information between institutions. This method empowers consumers and businesses to manage their financial data, facilitating informed financial decisions. It also promotes competition and innovation in the financial services industry.
The swift adoption of open banking indicates a growing comfort with digital financial services among consumers. The convenience of accessing a wide array of financial products, comparing options, and making informed decisions appeals to many. Businesses also benefit from open banking, using the technology to enhance operations and financial management.
Open Banking’s Ascending Growth
The extraordinary rise in open banking usage has revolutionised how consumers and businesses manage their finances. The current user base of 15 million suggests a trend likely to persist as more individuals and businesses discover open banking’s benefits.
This upward trajectory validates regulatory efforts to stimulate competition and innovation in the financial sector. Open banking emerged from a broader initiative to modernise financial services, offering consumers greater control over their financial data. This technology plays a crucial role in enabling seamless financial transactions and fostering transparency in the sector.
The upward trend in open banking is expected to continue, with further growth anticipated as more users adopt the technology. As user numbers grow, open banking is cementing its role as a transformative force in the UK’s financial landscape.
For more insights into the growth of open banking in the UK, read the full report here.
