The Fintech Effect 2025: UK consumers shaping the next chapter of open finance

Since the introduction of open banking in 2019, the U.K. has developed a sophisticated financial connectivity network, and with upcoming regulations and innovations such as PSD3, the FIDA framework, and Variable Recurring Payments, the transition to open finance is imminent. Open finance aims to extend the benefits of open banking by providing personalized, secure, and real-time financial experiences that enhance consumer control over their financial data and decisions. The latest Fintech Effect report, conducted with the Harris Poll, indicates that U.K. consumers are not only prepared for this evolution but are also driving it by demanding improved digital experiences, such as faster onboarding and intelligent AI solutions. The report highlights the gap between consumer expectations and current fintech offerings, emphasizing the need for fintech companies to provide internet-first experiences that anticipate consumer needs. Additionally, it explores the mainstream adoption of fintech, the shift towards alternative payment methods, the potential for open-banking-powered lending to transform credit processes, and the conditions under which consumers are willing to trust AI for financial guidance. The full report delves into these consumer behaviors, expectations, and market shifts that are set to shape the future of fintech in the U.K.