Does Your Gran Use Open Banking? | Open Banking Expo 2024

Does your Gran use Open Banking?

A legitimate test of whether Open Banking has entered the mainstream and is proving its usefulness is whether or not those closest to you are using it in their day to day lives, particularly the seniors in your life!

That’s what we asked attendees of the Open Banking Expo in London for our latest 60 second video. 

Watch to find out the experience these innovators and fintech experts have had. 

Featuring such quotes as “do they use Open Banking in heaven?” and “I very much doubt”. But it’s safe to say, some respondents grandparents really do use it!

Open Banking Landscape

The use of Open Banking is on the rise in the UK, where this conference took place. There are now 10 million users in the UK, according to OpenBanking.Org. That’s grown by almost 3 million in 1 year. The likes of NatWest are actively embracing it with their PayIt service and increasingly you can find ‘pay-by-bank’ options at e-commerce and digital checkouts. 

Of course, 10 million people is just a small fraction of UK citizens and the indication is that not many of them are retirees and older people. Research by Age UK, and their polling of over 65s, showed that while the majority of older people do bank online, and 58% mainly use a digital banking service to manage their main account, 27% manage their accounts via a branch or other physical location. 75% wish to carry out at least one transaction a month in a branch. This suggests that many have not moved on from traditional modes of banking, and that Open Banking may be slow to catch on. 

One of our attendees noted that his relatives were in the US, where the card loving population has not yet been introduced to Open Banking. That said, A2A payments are on the rise and the ground is being prepared for an increase in Open Banking users. 

One thing’s for sure. The numbers are going up and some of the speakers in the video above said that they did have older relatives who used the technology. It seems that more and more generations will be on board with Open Banking in the years to come. 

We had a great time at Open Banking Expo UK

This was one of our 60 second videos from this interesting conference. Be sure to check out more videos just like this one, on our website. 

Open Banking Expo is a premier event designed to bring together innovators, disruptors, and visionaries from the financial industry to explore the future of Open Banking and Open Finance. It’s a central hub for collaboration, providing a platform for incumbent banks, new challengers, regulators, and third-party providers to drive innovation and enhance customer outcomes in the Open Banking space. 

There was a big focus on Smart Data and Open Banking payments, featuring engaging sessions, speaker events, and networking opportunities that highlight the progression and possibilities within a dynamic open ecosystem.

Taking place at the light and airy Business Design Centre in London, there was an opportunity to engage with a diverse audience, including banks, fintechs, regulatory bodies, and industry leaders, to discuss and shape the landscape. It’s bigger than ever too, having expanded to include an exhibition hall and two co-located shows, showcasing the latest developments and trends in the industry, such as PSD3 and the JROC report.

We were delighted to attend, capturing noteworthy interviews and discussions with industry leaders. Hopefully you’ve learnt something along the way and will attend in future.