Why Open Finance Should be on Your Business Agenda for 2026

The research is a clear indication that expectations are rising fast – and that the way people interact with financial services is undergoing a fundamental shift.

But the real story goes deeper. Consumers are willing to share their financial data as they increasingly expect the personalised, connected experiences that data‑driven services can deliver. Without open finance, businesses risk falling behind as customers turn to providers who understand them better and serve them more intelligently.

And for organisations looking ahead to growth, open finance offers a clear path forward. By enabling secure, consent‑driven data sharing across the financial ecosystem, it unlocks new product opportunities, sharper insights and more innovative customer journeys. 

The result is a more competitive, transparent and dynamic financial landscape – one where the businesses that embrace open finance early will be best positioned to lead.

Open finance is accelerating – and reshaping how consumers choose

A new era is taking shape in financial services, one defined by greater consumer power, broader access, and more meaningful control. And the pace of change is accelerating.

According to new research from Mastercard, conducted by FT Longitude, 76% of consumers say they would switch their financial services provider to gain access to digital tools that make managing their lives faster and easier. The full findings will be released in early spring 2026, but the direction is already clear: digital capability is now a primary driver of loyalty.

This shift reflects a deeper expectation. Consumers increasingly want financial tools that integrate seamlessly into the services they use every day – from payments and budgeting to mortgage applications and account opening. In the UK, this is already a lived reality for 16 million open finance users, according to the Financial Conduct Authority (FCA).

For businesses, this is a pivotal moment: act now, deepen engagement, and capture the opportunity before it becomes a baseline expectation.

Turning data into tailored financial experiences 

The real promise of open finance lies in its ability to transform raw data into meaningful, personalised financial experiences.

With secure, consented access to financial information, organisations can build richer customer experiences and deliver services that feel intuitive, relevant, and timely. This isn’t theoretical – it’s already happening. 

Responses from the recent Mastercard survey indicate that 61% of consumers say a recent tip from their financial provider helped them make a better decision about their savings or investments, demonstrating the tangible value of personalised guidance.

For the 750,000 small businesses currently using real‑time cash‑flow insights, open finance is becoming a strategic advantage. It enables owners to make informed decisions with confidence, reduce operational risk, and plan for sustainable growth.

To stay competitive, businesses should prioritise partnerships with established open finance providers such as Mastercard.

How important is trust? 

As open finance adoption accelerates, trust remains the defining factor in whether consumers choose to participate.

Open finance is designed to serve everyone – not as a complex technical layer, but as a practical, empowering tool that fits naturally into everyday life. The experiences built on top of it should feel intuitive, supportive, and transparent.

Security is the foundation of that trust. According to Mastercard’s Rise of Banking Report 2024, 94% of consumers say it is essential that their financial institutions keep their data secure, underscoring the need for robust protections and clear communication. This is why, according to the same Mastercard report, 93% of B2B respondents trust Mastercard as a central partner in the ecosystem, recognising its role in ensuring that data moves safely, responsibly, and seamlessly.

By prioritising transparency, clarity and strong security standards, the industry can reduce uncertainty and encourage more people to embrace the benefits of open finance.

The path forward

Open finance is no longer a niche concept – it is becoming the backbone of modern financial services. With open payments growing 53% year‑on‑year according to the FCA, the industry is shifting toward a more connected, collaborative model where systems work together on behalf of the individual.

Whether it’s faster account opening, more inclusive credit options, or smarter financial planning, the goal is the same: to give people the freedom, clarity and support they need to thrive.

Businesses that act now – by embracing open finance, building trusted partnerships and designing experiences that put customers first – will be the ones shaping the next era of financial services.