UK open banking now has 10 million active users

( Open Banking Implementation Entity Data Report 2024)

The FCA’ s open finance roadmap aims to be published in 2026

( Financial Conduct Authority, Open Finance Strategic Plan 2024)

14 billion calls processed annually by open banking APIs

( Open Banking Limited, Annual Statistics 2024)

The UK’ s open banking framework holds the potential to evolve into comprehensive open finance, encompassing pensions, investments, insurance and mortgages. Consumers could gain unprecedented control over financial data, enabling holistic wealth management. Third-party providers might create innovative services combining multiple data sources. As a result of this, regulatory authorities could face challenges ensuring data security and privacy while promoting competition. Traditional produwct boundaries may gradually dissolve as customers demand unified and efficient dashboards. fintechmagazine. com 45