Open Banking Could Unlock £43 Billion Annually for UK Economy, EY Says

The UK has promoted Open Banking since 2018, using standardized APIs that allow consumers to authorize third-party access to their banking data and spur innovation in payments, lending and financial management. The system lowers barriers to switching financial services, strengthens market competition and helps small and medium-sized businesses operate more efficiently.

An EY analysis commissioned by Open Banking Limited and released on March 16, 2026, estimated that Open Banking had generated about £8.3 billion in cumulative benefits for the UK. If adoption continues to rise, annual benefits could reach £7.4 billion within five years. Once the market is fully mature and Open Banking is widely adopted, its potential economic value could reach as much as £43 billion annually.