Too Slow to Click: Why U.S. Open Banking Must Learn from the U.K.’s Pay by Bank Stall

When the United Kingdom launched its open banking initiative in 2018, it was billed as a financial revolution. Banks were ordered to let customers share their data and make payments through third-party apps, aiming to spark competition and chip away at the dominance of card networks. Yet, five years on, the revolution looks more like an evolution – and a slow one at that. While over one in nine Brits (around 11%) now use some form of open banking service, the uptake has fallen far short of early predictions. One optimistic forecast envisioned 60% of UK consumers embracing open banking by 2023.

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