Benefits and use cases of open banking in the UK 2023
According to a survey of a representative sample of UK consumers in 2023, the main perceived benefit of open banking was its perk of speeding up financial transactions and services, with 53 percent of the respondents agreeing with this statement. Ease of use was the second most significant benefit. In terms of use cases, payments to a third party was by far the most widely used application of open banking, with 74 percent of the respondents making use of this function of open banking.
