Thought Leadership

How open banking is helping businesses save this Small Business Saturday

30 November 2023
news
  • Minister Kevin Hollinrake MP celebrates the work of SMEs and encourages small businesses to consider adopting open banking this Small Business Saturday, 2 December.
  • 17% of UK SMEs are now using open banking.

1 December 2023 – Small Business Saturday highlights the remarkable successes of small businesses up and down the UK. It encourages consumers to ‘shop local’ and support small businesses in their area. Many of these businesses are suffering due to cost of living challenges, however, the open banking revolution is making it easier for them to make cost savings as Kevin Hollinrake MP, Minister for Enterprise, Markets and Small Business confirms.

Minister Hollinrake said: “The UK’s small businesses are the lifeblood of our economy, playing a vital role in providing jobs and economic growth. Small Business Saturday is a chance to highlight the inspiring work of our small businesses and celebrate their success.

“Those firms using open banking-enabled services are able to make cost saving efficiencies through reducing late payments, managing their real-time cashflow, accessing cost-effective finance, and streamlining business administration. Open banking is an example of how innovative tech-based solutions can make a real difference for our hardworking SMEs.”

Kevin Hollinrake MP

Small businesses continue to lead the way in open banking adoption, with a record high of 17% of firms now making use of the innovative technology, often through cloud accounting software. The rapid rise in adoption is testament to the power of open banking technology to empower innovation, create efficiencies and reduce costs.