FEAR & GREED | Business News Ask Fear & Greed: Why has Open Banking dropped off the radar?
Jun 4, 2025
Explore the exciting origins of open banking and the initial enthusiasm it created. The podcast dives into the surprising decline in public interest and adoption since its rollout. Discover how the industry has struggled to transform banking despite advancements in data-sharing practices. Reflect on the missed opportunities and stagnant growth, raising pivotal questions about the future of open banking and its impact on consumer engagement.
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Open Banking's Purpose and Low Uptake
- Open banking enables sharing your banking data with authorized third parties to simplify comparing products and switching banks.
- Despite industry support, uptake has been disappointingly low, and banks may not be actively encouraging its use.
Consumers' Slow Adoption of Open Banking
- Consumers surprisingly have not embraced open banking as expected, despite it simplifying data sharing across banks.
- This lack of adoption prevents open banking from becoming the game changer the industry hoped for.
Open Banking Has Stalled Since 2022
- After initial phases, open banking has largely stalled since 2022 without realizing its full potential.
- While sharing of financial data is practical, open banking hasn’t dramatically transformed consumer banking behavior yet.