How Open Banking can help SME’s grow and thrive

November 20th, 2020 – In September the UK’s Open Banking implementation body (OBIE) announced a significant uptake in the number of Open Banking service uses in the UK, with over two million people now benefiting from Open Banking products. This represents a 100 percent increase in users in just over six months since the start of the global pandemic.

Both consumers and businesses, especially the small to medium enterprise sector (SMEs) which accounts for three fifths of employment in the UK and around half of private sector turnover, have turned to new Open Banking based solutions to better manage their finances during the pandemic. With around 160,000 new users adopting Open Banking tools each month, the three million milestone will likely be achieved in short order.

With now over half-a-billon API calls taking place each month, it is not only the number of Open Banking users that are increasing, but also the frequency with which businesses and consumers access and rely upon new innovative service that Open Banking is able to uniquely provide.

More…https://www.bobsguide.com/guide/news/2020/Nov/20/how-open-banking-can-help-smes-grow-and-thrive/

Written by Bobs guide