The Rise of Open Banking: 4,500-Person Survey Reveals 85% of Businesses Already Using It
Open Banking · Industry Research · December 2024
Open banking has moved from regulatory experiment to mainstream financial infrastructure. A landmark survey of over 1,500 B2B respondents and 3,000 consumers across the US, UK, Nordics, and Australia reveals that 85 percent of businesses are already using open banking — and 93 percent expect industry momentum to accelerate over the next five years. This is no longer a question of adoption. It is a question of how quickly organisations can move from basic payment use cases to the sophisticated data-driven applications that will define the next generation of financial services.
This analysis draws on the findings of the Rise of Open Banking study — one of the most comprehensive cross-market surveys conducted on the subject to date. The data tells a clear story: convenience drives adoption, security determines trust, and the organisations that treat open banking as strategic infrastructure rather than a compliance checkbox are seeing measurable returns in profitability, revenue, and customer retention.
Survey Scope
1,511 B2B respondents (FIs, PSPs, Merchants)
3,007 consumer respondents (18+)
4 markets — US, UK, Nordics, Australia
Jul–Aug 2024 — conducted by The Harris Poll
Adoption Is No Longer the Question
| Metric | B2B | Consumer |
|---|---|---|
| Currently using open banking | 85% | 76% |
| Expect industry momentum to increase (next 5 years) | 93% | — |
| Expect own organisation’s usage to increase (next 5 years) | 91% | — |
| Agree open banking is essential for future-proofing | 92% | — |
| Agree open banking will be standard for most digital transactions within 5 years | 92% | 64% |
The adoption curve is already advanced. Seventy-six percent of B2B respondents classify themselves as early adopters or early majority — meaning only 25 percent are still in the late majority or laggard categories. Regionally, the Nordics lead with 92 percent B2B adoption, followed by Australia (89%), the US (86%), and the UK (75%). Consumer adoption is strongest in the US and Nordics (80% each), with the UK at 70 percent.
B2B Adoption Phases
| Phase | % of B2B | Description |
|---|---|---|
| Early Adopters | 37% | Many open banking tools already in place |
| Early Majority | 39% | A few open banking tools in place |
| Late Majority | 20% | Interested but have not started yet |
| Laggards | 5% | No intention of using open banking |
US businesses lead early adoption at 43 percent. C-suite executives are disproportionately likely to classify their organisations as early adopters (45%), suggesting that open banking is being driven from the top of organisations, not from technical teams alone. Only 5 percent of B2B respondents have no intention of engaging with open banking at all.
Use Cases Today — and Where They Are Heading
Today’s dominant use cases centre on payments — direct bank account payments for consumers, online checkout payments for businesses. But appetite for more sophisticated applications is growing rapidly. Eighty-seven percent of B2B respondents are likely to use open banking for recurring payments, invoicing, account opening, consumer lending, and credit risk management. On the consumer side, 70 percent are interested in automating financial tasks and 63 percent want a consolidated view of their finances.
Consumer Open Banking Adoption by Generation
| Use Case | Gen Z | Millennials | Gen X | Boomers |
|---|---|---|---|---|
| Paying bills | 82% | 82% | 81% | 71% |
| Transferring money between own accounts | 82% | 79% | 79% | 66% |
| Paying for online shopping from bank account | 80% | 76% | 68% | 54% |
| Transferring money to others’ accounts | 78% | 78% | 75% | 60% |
| Opening new banking or financial accounts | 78% | 68% | 60% | 37% |
| Viewing finances from different accounts in one place | 74% | 70% | 63% | 44% |
| Connecting authorised payment providers | 73% | 69% | 58% | 43% |
| Applying for credit or a loan | 71% | 64% | 54% | 32% |
| Managing a loan | 69% | 67% | 53% | 32% |
The generational gap is striking. Gen Z and Millennials are broadly aligned at 70-82 percent adoption across all use cases, while Boomers drop sharply — particularly for account opening (37%), loan applications (32%), and connected payment providers (43%). The implication for financial services is clear: the customers of the next decade expect open banking as default infrastructure. Organisations that do not offer it will be invisible to this demographic.
Security: The Accelerant and the Barrier
Security is simultaneously the top priority and the top barrier. Ninety-four percent of consumers say it is important that their bank keeps financial information secure. Eighty-six percent would walk away from a transaction not verified by a brand they trust. On the B2B side, the top three concerns about open banking are technical challenges (39%), risk management (37%), and data security (36%).
Why Consumers Do Not Use Open Banking
| Reason | % |
|---|---|
| Have not needed to | 44% |
| Concerned about data being hacked | 33% |
| Concerned about sharing personal or account information | 27% |
| Concerned about using bank login credentials to connect accounts | 23% |
| Not sure how to do it | 20% |
| Concerned about losing control over financial information | 18% |
| Process takes too much work or is too complicated | 11% |
| Not available at my bank or financial institution | 4% |
The largest barrier — 44 percent — is simply not having needed it yet. This is an awareness and education problem, not a trust problem. Among those who do have security concerns, the issues are specific and addressable: hacking fears (33%), credential sharing anxiety (23%), and a sense of losing control (18%). Boomers disproportionately cite lack of need (52%), while one in ten Millennials say open banking is not available at their financial institution — a supply-side gap.
Top B2B Open Banking Concerns
| Concern | % |
|---|---|
| Technical challenges | 39% |
| Risk management | 37% |
| Data security | 36% |
| Compliance challenges | 36% |
| Workforce challenges | 30% |
| Lack of consumer trust to share data | 30% |
| Lack of trustworthy open banking providers | 29% |
| Scalability challenges | 28% |
| Lack of willingness to try new partners | 27% |
| Customer experience disruption | 26% |
The Bottom-Line Impact: What Open Banking Delivers
Businesses already using open banking are reporting measurable outcomes. The survey asked B2B users to identify areas where open banking has had a positive impact. The results show impact across the full spectrum of business performance — not just operational efficiency but profitability, revenue, and strategic capability.
| Business Outcome | % reporting positive impact |
|---|---|
| Profitability | 64% |
| Revenue | 63% |
| Strategic decision-making | 63% |
| Productivity | 62% |
| Customer retention (financial institutions) | 63% |
Ninety-three percent of B2B respondents agree that facilitating convenient financial experiences is critical to their organisation’s success. On the consumer side, 71 percent will walk away from an online transaction that redirects them to another platform to complete payment. The message is unambiguous: frictionless, integrated payment experiences — the kind open banking enables — are no longer a differentiator. They are baseline expectations. Organisations that cannot deliver them will lose transactions at the point of payment.
Frequently Asked Questions
Open Banking Adoption and Strategy
What percentage of businesses are currently using open banking?
According to a 2024 survey of 1,511 B2B respondents across the US, UK, Nordics, and Australia, 85 percent of businesses are currently using open banking in some form. Of these, 37 percent classify themselves as early adopters with many tools in place, and 39 percent are in the early majority with a few tools implemented. Only 5 percent report no intention of engaging with open banking. The Nordics lead adoption at 92 percent, followed by Australia at 89 percent.
What are the main barriers to consumer open banking adoption?
The largest single barrier is simply not having needed it yet (44%), which represents an awareness and education gap rather than a trust deficit. Security concerns account for most of the remaining resistance: 33 percent worry about data being hacked, 27 percent are concerned about sharing personal information, and 23 percent are uncomfortable using bank login credentials to connect accounts. Only 4 percent say open banking is not available at their financial institution, suggesting the infrastructure is largely in place even where adoption has not yet followed.
How does open banking adoption differ by generation?
Gen Z and Millennials show broadly similar adoption rates across all open banking use cases, typically ranging from 64 to 82 percent. Gen X follows closely on payment-related tasks (68-81%) but drops off for more sophisticated use cases like loan applications (54%) and connected payment providers (58%). Boomers show significantly lower engagement across the board — only 37 percent have used or would use open banking to open a new account, and just 32 percent for loan applications. The generational trajectory is clear: open banking will be default infrastructure for the next generation of financial services consumers.
What business outcomes does open banking drive?
Among B2B organisations already using open banking, 64 percent report a positive impact on profitability, 63 percent on revenue, 63 percent on strategic decision-making, and 62 percent on productivity. For financial institutions specifically, 63 percent say open banking has positively impacted customer retention. Time savings is ranked as the top benefit by both business and consumer respondents, followed by access to enriched real-time data for enhanced financial management, cost effectiveness, and improved access to funding. These are not marginal gains — they represent core business performance metrics improving as a direct result of open banking implementation.
Which types of companies do consumers trust most with their financial data?
Banks remain the most trusted entity, with 66 percent of consumers expressing high trust in sharing financial information with them. Credit card companies follow at 56 percent, then financial technology companies at 43 percent and established technology companies at 38 percent. Social media companies rank last at just 13 percent. When asked specifically about protecting account connections, 50 percent of consumers trust credit card companies most, 22 percent trust fintech companies, and only 4 percent trust social media companies. The trust hierarchy is clear: financial services incumbents retain significant advantage, but fintech companies are establishing credibility — particularly among younger demographics.