UK: open banking penetration 2023

The estimated penetration of open banking in the total base of digitally enabled consumers and small businesses increased gradually between March 2020 and June 2023. In March 2020, the penetration was estimated to be between 2.5 and 3.5 percent. This increased to 11-12 percent by June 2023. In other words, one in nine digitally enabled end-users were using at least one open banking-enabled product or service in June 2023.

Estimated open banking penetration in the digitally enabled population in the United Kingdom (UK) from 2020 to 2023

Penetration	Characteristic
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Release date

October 2023

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Region

United Kingdom

Survey time period

March 2020 to June 2023

Supplementary notes

The source adds the following information: Figures are strictly estimates with limitations. The data is based on submissions of active user numbers (‘active’ defined as active in the last month) and digitally active end-users by the nine largest banks in the UK. It therefore only represents penetration within the digital customer bases of these banks, although this is a significant share of the UK population. This data has been corroborated against data on the total adults and small businesses currently using internet banking, derived from ONS, Eurostat and UK Finance.

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