Open Banking Matures as Businesses Focus on Trust and Provider Selection
Since its early days of limited awareness, Open Banking has evolved into a widely adopted financial technology in the UK. With one in five businesses actively using it, companies are now shifting their focus from whether to adopt Open Banking to how best to leverage it for growth and efficiency. According to research by Payit by NatWest, 42% of UK businesses highlight improved security as a key benefit, while many still spend significant time managing payment data. The sector is also seeing opportunities beyond payments—such as in affordability checks, lending decisions, digital identity verification, and smart data usage—to enhance customer experiences. As the market matures, trust has become central to provider selection. Businesses are now prioritizing long-term stability, resilience, and quality of support over just functionality or early adoption status.
Topics: business adoption digital transformation Open Banking payment security