Editorial staff
Open banking has been looked at as a fintech experiment for some time now. However, this is quickly changing. It's actually becoming a core part of the UK financial infrastructure. A new analysis commissioned by Open Banking Limited and conducted by EY showcases this perfectly. They estimate that open banking could deliver up to £43 billion in annual economic value to the UK.
What's Already Been Delivered
The EY analysis found that open banking has already produced £8.3 billion in cumulative economic benefit to date. More than 17.5 million user connections are also live across the UK, supported by 145 authorized third-party providers.
Just in January 2026 alone, open banking payments rose by 4.3% month-on-month, resulting in £36.04 million in transactions. This shows the sheer strength of how the open banking industry is pushing forward.
For consumers, this means better tools for financial management. Tools that help people track spending, reduce unnecessary costs, and so forth. For SMEs, on the other hand, it's an opportunity to lower transaction costs and admin time.
Lastly, for fintech companies in the financial sector, this is an opportunity. Open banking has been built to remove the money management monopoly. Therefore, it could be a chance to take advantage of that extra £43 billion in the UK economy.
Which Sectors Are Driving Adoption
The obvious leader is payment infrastructure. Account-to-account transfer bypasses the traditional card network entirely. These networks cost a lot and are often slow. Therefore, retail, e-commerce, and more will all adopt open banking-powered checkout options.
One of the most active adopters has actually been the digital entertainment sector. The iGaming industry, in particular, has embraced open banking. Platforms offering popular games like Rainbow Riches Bingo and other gaming titles now process deposits and withdrawals through open banking methods, giving players instant access to funds.
What's Holding It Back
Despite the momentum, open banking still has a lot of headroom. The Payment Association says that adoption will depend on supply-side incentives. Henk Van Hulle, CEO of Open Banking Limited, says that continued collaborations between regulators and the government will be critical in the growth mission.
We believe that these struggles will quickly be overcome. £43 billion isn't light money. Regulators, governments, and businesses will happily push such a technology if it benefits them and the wider economy. The biggest problem will be around regulators, but with enough support, large-scale implementation could be possible.
Why Investors Should Pay Attention
The £43 billion figure is impressive. It puts open banking in the same economic conversation as other major infrastructure projects. For fintech investors, payment processors, and anyone tracking the UK's digital growth, this market is far from its full success. If anything, it's in the early scaling phases, with verified returns that should attract any investor.
Editorial staff
