As open banking continues to revolutionise the financial landscape, its adoption varies across different regions in the UK among financial services consumers (those using or paying for services from building societies, credit unions, lenders and fintechs).
This infographic explores how different areas are engaging with open banking for making payments for financial services and products.
Greater London leads the way with a significant 62% of individuals either having used or expressing interest in using open banking. The region's status as a financial hub, combined with a tech-savvy population, likely contributes to its high adoption rate.
Northern Ireland tops the list with an impressive 70%, reflecting a strong willingness among its residents to embrace innovative financial solutions.
The Southwest also shows robust adoption, with 61% of people engaged with open banking. The combination of urban centres and rural areas in this region illustrates a broad acceptance of digital financial tools.
The East Midlands reports a 59% adoption rate, demonstrating a healthy interest in open banking across both urban and rural communities.
In East England, 55% of the population are either using or considering open banking, highlighting the region's growing comfort with digital financial services.
The Northwest shows a 54% engagement rate, reflecting a balanced mix of tech adoption in both metropolitan and smaller towns.
In the Northeast, 53% of individuals are engaged with open banking, showcasing a gradual but positive trend towards digital financial management.
Yorkshire and the Humber matches the Northeast with a 53% adoption rate, reflecting a similar pattern of cautious but growing interest in open banking.
The West Midlands reports a 52% adoption rate, indicating steady growth in open banking usage in the heart of the UK.
Both Scotland and Wales have an adoption rate of 50%. These regions are showing early signs of interest in open banking, with potential for growth as awareness increases.
The Southeast also stands at 53%, indicating a balanced engagement with open banking across its diverse population.
The regional breakdown of financial services consumers adopting open banking shows that open banking is poised to become an integral part of financial management across the whole of the UK, enhancing the way individuals interact with their finances.
Our research shows that, on average, 32% of financial services businesses and institutions currently offer their customers the ability to make payments via open banking payments. Unsurprisingly, fintechs lead the way with 58% offering open banking payments and more traditional services; credit unions (11%) and building societies (17%) still having a way to go.
Although financial services consumers are willing to move with the open banking revolution, many financial services providers still have a way to go considering the range of payment options they offer to cater to all the ways people like to pay. You can dive into the research in our full report.
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