06
THE FUTURE OF
BANKING IS OPEN
The Open Banking Implementation Entity's (OBIE's) latest report shows that adoption of open banking services in
the UK continues to grow, with 8% of digitally-enabled consumers estimated to be regular users of at least one open
banking service - up from 5.5% in December 2020.
The report also shows:
THE FUTURE OF BANKING IS OPEN
The mortgage market is poised for transformation. New digital challengers have created an increased level of
customer expectation in financial services, and it is only a matter of time until they target the lucrative mortgage
opportunity.
While this creates new competition for banks, it also provides the chance to evolve. For incumbent institutions, now
is the time to rethink traditional approaches that add little value for banks, customers or the bottom line.
Open banking is a powerful tool for institutions to level the digital playing field by leveraging the full potential of
technology to streamline processes, manage risk and provide the experience that modern financial consumers
expect. Banks that invest in their digital future will be those poised to succeed in the new, open banking world.
Over three-
quarters (76%)
of users will
or are likely to
continue using
the services.
90% say they are
easy to use and
set up.
83% of
respondents
would be
interested in
expanding their
use of open
banking-enabled
services.
February to
August 2021
saw 11 million
open banking
payments,
compared to
700,000 in the
whole of 2020.
07
OPEN BANKING IN
ACTION
THE STATE OF PLAY
IN UK MORTGAGES
01
WHY APPLY OPEN
BANKING TO
MORTGAGES?
02
OPEN BANKING
POTENTIAL
03
CHALLENGES TO
TRANSFORMATION
04
ASSESSING THE
CAPABILITIES
OF OPEN BANKING
05
