New economic analysis suggests Open Banking could generate as much as £43bn in annual value for the UK economy as adoption expands across financial services.
The research, commissioned by Open Banking Limited and conducted by EY, provides one of the most detailed attempts so far to quantify the broader economic impact of Open Banking. The study evaluates how the technology is already shaping financial services and how its influence could grow as usage increases among consumers and businesses, said Open Banking Expo.
According to the findings, Open Banking has already generated an estimated £8.3bn in cumulative economic benefit based on current adoption levels. However, the analysis suggests this figure could increase rapidly as the ecosystem matures. Within five years, the annual economic benefit could reach around £7.4bn as more users adopt Open Banking-powered products and services.
Looking further ahead, the long-term opportunity could be significantly larger. At full maturity and widespread adoption, the analysis estimates that Open Banking could contribute up to £43bn per year to the UK economy.
The research highlights how Open Banking is increasingly becoming a core part of the UK’s financial infrastructure. By enabling consent-based sharing of current account data with trusted third parties, Open Banking allows financial services providers to develop tools and services that improve efficiency, lower costs and deliver more personalised financial experiences.
The report notes that consumers can benefit from improved financial management tools that help them track spending, reduce unnecessary costs and increase savings. Businesses, meanwhile, are expected to gain productivity improvements through automation, with reduced transaction costs and lower administrative burdens. These efficiencies could enable companies to make faster financial decisions and allocate capital more effectively.
Small and medium-sized enterprises (SMEs) stand to gain significantly from these developments. The analysis suggests that reducing administrative processes through automation could free up time for SMEs to focus on growth and innovation rather than paperwork. Over the next five years, this shift could generate an estimated £2.3bn uplift in UK GDP annually.
Consumers are also expected to see measurable economic benefits. Open Banking-powered financial tools could enable people to manage their finances more effectively and gain access to fairer and more transparent financial products. The research estimates these improvements could deliver an annual £2.5bn boost to UK GDP within five years.
Beyond these direct impacts, the analysis emphasises Open Banking’s broader role in supporting productivity, investment and economic growth. By improving access to financial data and enabling more efficient payments and financial services, the technology could help direct capital towards more productive uses across the economy.
Open Banking Limited CEO Henk Van Hulle said, “Open Banking has already played a vital role in society with over 17.5 million user connections, and these findings show that there is an even greater opportunity ahead now that Open Banking has reached a key point of maturity. By helping consumers manage their money better and enabling businesses to operate more efficiently, Open Banking is already contributing meaningfully to economic growth, a key component of the Government’s wider growth mission.
“As the UK looks to strengthen productivity, competitiveness and innovation across financial services, this analysis underlines the important role Open Banking can play in supporting those ambitions, while laying the foundations for the next phase of development.”
EY head of fintech growth Thomas Bull said, “Open Banking is already delivering real and substantial value across the UK, with significant further growth potential as adoption continues to scale. It is changing how people and businesses manage everyday financial activity from making and receiving payments, to managing cash flow, reducing administrative burden and making more informed decisions in real time. The report shows that these improvements to routine, everyday interactions are already unlocking meaningful benefits for consumers and businesses alike, and that their impact grows as adoption deepens.
“Looking ahead, continued collaboration between industry, regulators and government will be critical to building on this momentum, scaling the existing ecosystem and supporting the transition towards Open Finance, enabling broader, fairer access to financial services across the UK.”
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