Despite the slow start, researchers at the Centre for Economics and Business Research (Cebr) believe the reforms will ultimately give UK GDP a £1bn lift and create 17,000 jobs.
The Cebr report, commissioned by review website Trustpilot, finds that greater transparency on customer credit risk is likely to reduce risk premiums and expand credit access.
The Open Banking changes have raised privacy concerns, with consumer groups Which? and Get Safe Online warning that it could increase the risk of customers falling prey to scams. Customers have also repeatedly said they are reluctant to share their financial data with third parties. A recent Accenture survey found 69pc of people would not consent to sharing their financial data.
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