It’s a question asked by many.
Well, here is one example.
A significant portion of society remains excluded from mainstream banking for various reasons: capability, creditworthiness, ignorance, and fear. Consequently, they are compelled to resort to substandard and penal methods when paying for goods and undergoing assessment. However, this narrative is changing.
In the last month alone, we have seen over 150,000 individual uses of the open banking facility provided by obconnect and Paypoint plc. Specifically, users have used this facility to top up prepay energy meters, finding the process to be hassle-free. We anticipate these numbers will continue to soar.
The crux lies in the fact that users have transitioned from other payment channels to Open Banking, finding it to be a more suitable and user-friendly option.
The benefits for both the corporation offering the service and the consumer using it are significant. A strong two-sided benefits case is the key to success in any sphere, and Open Banking offers many such examples.
This utilisation represents an evolution for excluded populations within society. It’s a testament to our potential to do more, and it’s just the beginning. This is just one of many success stories in the world of Open Banking.
