UK open banking sector worth GBP 7.2 bln by 2022, PwC study shows

Monday 2 July 2018 14:16 CET | News

A report from PwC has predicted that the open banking sector could be worth GBP 2.8 billion by the end of 2018 and GBP 7.2 billion by 2022 in the UK.

The report, entitled “How to Seize the Open Banking Opportunity”, has highlighted the challenges of getting businesses to make use of the initiative, which involves banks sharing customer data with third-party firms.

Small and medium sized enterprises were shown to be more aware of the effects of open banking than retail customers and are also willing to make use of the data-sharing scheme, with 40% saying that they would share their financial transaction information. When it comes to what information individuals would be willing to share, just 10% cited transaction history, while 12% said that they would share information about their financial products.

Banks were also found to still be popular with businesses, with 72% favouring them over fintech companies and peer-to-peer lending companies. This was also found to be the case for 65% of individuals. Commenting on Open Banking, PwC officials have stated that the scheme is a potential game-changer for individual and corporate consumers.

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Keywords: PwC, Open Banking, study, report, UK, How to Seize the Open Banking Opportunity, small and medium sized enterprises
Countries: World