• Yuval Samet, CEO and co-founder at RiseUp


• 24.09.2025 12:30 pm
#OpenBanking #DigitalBanking

In 2015, when open banking was first introduced in the UK, conversations with financial institutions were filled with curiosity and optimism. Leaders saw the potential for technology to transform financial services by empowering consumers, increasing competition, and unlocking new opportunities. Regulatory frameworks encouraged data sharing, and for a moment, it seemed that the future of banking was about to change.

Fast forward to today. The UK has just surpassed 15 million open banking users. That figure is more than a milestone, it signals that open banking has moved from experiment to mainstream adoption. Yet, in my conversations with financial institutions now, the tone has shifted. The excitement has given way to harder questions: how to translate adoption into real value, how to build consumer trust, and how to turn data into tangible improvements in financial outcomes.

Despite technological progress and widespread adoption, many banks still struggle to translate open banking data into meaningful impact for their customers. They face barriers in building actionable insights, measuring ROI, and connecting raw data to real business or consumer value. Adoption, on its own, is no longer enough,

From connectivity to personal  insights: Delivering personalised consumer experiences 

Open banking’s true potential lies not in connectivity or payments, but in delivering personalised, actionable  financial offers. Consumers expect advice that helps them navigate their day-to-day finances, particularly in times of economic pressure. Yet too often, financial institutions remain stuck in “infrastructure mode,” aggregating data without turning it into growth. Consumers don’t need more dashboards or generic nudges; they need timely, specific interventions.

This is where AI comes in. Combining open banking data with AI-driven analytics allows fintechs and banks to move beyond generic nudges and offer personalised insights at scale. AI can identify key financial moments, such as idle cash, upcoming bills, or opportunities to consolidate debt, and engage in real time with tailored offers. By embedding these insights into everyday financial experiences, institutions can create measurable improvements in consumer wellbeing.

For fintechs, the opportunity is clear. Traditional financial advice, like that offered by financial advisors, has often been costly and largely out of reach for lower-income consumers. Digital solutions allow targeted, automated support without human intervention, reaching audiences that were previously underserved. Banks, meanwhile, can use AI to enhance operational efficiency, reduce manual overhead, and provide high-impact, proactive financial support that strengthens long-term customer relationships.

Regulation as an enabler

Regulators play a critical role in unlocking open banking’s full potential. The FCA’s move towards allowing targeted support is a step in the right direction, but banks will find it difficult to deliver on their own. They face the ‘innovator’s dilemma’. Combine that with compliance drag, and progress stalls.

To drive real impact, policymakers must enable safe collaboration between banks and fintechs, with clear rules around data sharing, privacy, and accountability so AI can deliver a measurable impact on consumer outcome.

That’s why regulation must evolve from being a box-ticking exercise to becoming a platform for innovation. If it sets clear guardrails, regulators can unlock a wave of AI-powered, consumer-first applications. It can support AI-driven interventions that help households optimise savings, manage debt, and make better day-to-day financial decisions, accelerating the adoption of solutions that truly improve financial wellbeing.

The next era of personalised financial solutions 

The milestone of 15 million users is not the finish line, it’s the starting gun for the next phase. Adoption without action is meaningless, and the future belongs to those who turn scale into impact. Personalised finance is now essential in modern banking, as institutions move beyond traditional marketing to deliver solutions tailored to individual needs. With AI-driven personalisation cutting operational burden by 30% and lifting customer engagement by nearly 40%, the path forward is clear. Institutions that unite open banking data with AI, put the consumer at the center, and innovate with agility will set the global standard, while those that hesitate will be left behind by disruptors creating meaningful, lasting value.

Open banking has the infrastructure in place. AI provides the tools. Regulation can clear the path. The change is already happening, and early movers are turning adoption into action and data into measurable improvements in financial outcomes. Those that lead now will gain not only growth but also reputational advantage, as open banking fulfils its promise, not as a technical milestone, but as a platform that empowers consumers and strengthens financial resilience.