Open banking demand triples during Covid-19 pandemic
Over half of lenders have adopted open banking technology in the last 12 months. Rapid digitalisation has ushered in a boom in the use of new consumer-friendly financial tools.
UK, May 12, 2021: The number of people choosing to share their data through open banking has tripled since the start of the Covid-19 pandemic, according to the latest statistics from Experian.
In February, Experian’s Open Data Platform saw more than 188 million data sharing requests (up from 47 million in February 2020) – 30% of the 669 million made in the UK overall
1. Lenders are also seeing the benefits with recent Experian research finding that 57% of lenders have adopted open banking technology in the last 12 months, helping people manage their finances in more fluid and intuitive ways online.