Majority of UK consumers are using financial apps but remain unaware of Open Banking – MobileMarketing Magazine

70 per cent of UK consumers now use financial apps to keep control of their money – a significant increase from the nearly 40 per cent that were using the apps back in 2016.

According to Yolt, this figure rises to 89 per cent amongst millennials and even almost half of over-55s use apps to manage their finances.

With the increase in financial app usage, it is important to look at Open Banking, which was introduced in January of this year. The standard has led to six per cent of consumers thinking there is now more competition between banks and financial service providers, while 20 per cent of respondents said they are now able to see their different accounts in one place.

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