Data shared by The Open Banking Implementation Entity (OBIE), the body set up to deliver open banking to the UK, shows over 2 million users now accessing open banking services.
The OBIE said its information shows consumers are using open banking-enabled products to understand their spending, how to save, manage their income and expenditure and access cheaper credit.
IE Hub gives users the ability to securely access open banking data to populate their Standard Financial Statement. This process makes budget creation quick and easy for the user so they can understand and manage their income and expenditure.
Completed budgets can the be shared with creditors securely in real time to provide an accurate picture of their on-going affordability.