The UK's Open Banking Implementation Entity (OBIE), has opened an app store to help consumers and companies navigate through the maze of peripheral financial products available to supplement their online bank accounts.
Through the store, individuals and business owners can compare products and services across a range of categories, including budgeting, accountancy & tax, payments, borrowing, debt advice, financial safeguarding and more.
David Beardmore, OBIE ecosystem development director, says: “Consumers and SMEs need more clarity than ever on how to manage their finances through this difficult time. With the number of banks and fintechs offering Open Banking-enabled products growing so rapidly, deciphering the advantages of each product can seem daunting. With the launch of the Open Banking App Store, we are enabling individuals and businesses to find the financial products that are best suited to their situation by helping them narrow down their options and see what’s out there."
Earlier this year, the OBIE shared figures showing that customer use of Open Banking in the UK had surpassed the one million customer mark for the first time, doubling in the past six months.
The doubling in customer numbers mirrors similar growth in third party service providers. Currently there are 204 regulated providers, up from 100 at the end of 2018, who are fielding approximately 200 million monthly calls on bank account data.
The OBIE app store currently contains over 45 listings, with new products added every week.