Article

Open Banking: Threading together the strands for material growth 

27 October 2026

Key takeaway: Open Banking proved that common standards create trust, trust creates adoption, and adoption creates growth. The same model should now underpin Open Finance, Smart Data and agentic finance.

Keynote speech Henk Van Hulle at Open Banking Expo 2026, 14 October 2026 

OUR country is in the grip of Bayeux Tapestry mania

It is now easier to buy a face value ticket to an Oasis reunion than to book a decent slot to see the artwork on loan to the British Museum

But is the Bayeux piece really a – forgive me – Wonderwall?

Is it the best piece of medieval needlepoint with a French connection?

Apologies in advance while I perhaps labour over weaving this analogy in but I promise there is a point to it…

There is another actual tapestry – rather than an embroidery mislabelled as a tapestry – in France that – to my mind – is even more remarkable

And it does not come with the scrum for tickets or jostling of photographers

The Apocalypse Tapestry in Angers is twice as long and 12 times as tall.

But size isn’t everything: substance is.

While the Bayeux Tapestry tells the story of one duke’s successful takeover of England, the Apocalypse Tapestry tells the story of the end of the world

Yet the Apocalypse Tapestry is not really about catastrophe.

The clue is in the name – the original Greek apokalypsis means an unveiling – or revealing of what was previously hidden

The tapestry begins with turmoil

But ends with renewal.

As an institution that was borne out of a desire for change

we at Open Banking Ltd are used to evolving to secure a future that has more opportunity than the past.

One lesson we have learned is that

if you have the right materials and artisans,

there is never a more optimal time to start work than yesterday

The second-best time to act is today.

We often talk about the risk of moving too quickly.

But what about the risk of moving too slowly?

We know with Open Banking that the technology works.

Consumers are using it.

Businesses are using it.

Even if both groups sometime do not know it.

Indeed, that is a good sign.

For it is not about the process of Open Banking

It is about the outcomes that the process of Open Banking can deliver…

hopefully with as few points of frustrating friction

And as many benefits as possible

Spreading Growth

The challenge now is ensuring that legislation,

regulation

and governance keep pace with that innovation.

We need nationwide coverage if we are going to build products people can rely on.

Delivering prosperity to every postcode is a goal of the Prime Minister

And we have some evidence that Open Banking is a truly regional lever for growth.

I am not going to go through every postcode for you today.

You will be relieved to hear that

Particularly as the UK as at last count, had around 1.8 million postcodes

I can point you though to hubs of financial services innovation

Like the fintechs in the Southwest, where – according to Fintech West – nearly 19,000 are employed in an industry there contributing more than £1bn.

Birmingham – the second largest financial services hub outside of London,

Or Edinburgh with its investment, pensions and asset management technology and investment platforms.

Let’s look at Leeds, with its thousands of financial services jobs – and where the FCA, the Bank of England and the UK Infrastructure Bank have set up bases…

and Manchester, with its open banking focus

and Newcastle, with its digital banking and software expertise.

Cities of the North and beyond where financial services bring in a GVA of over £5 billion.

Innovation delivers the greatest benefits when it is available consistently across the market – and in every corner of the country.

Accountability matters – particularly with AI

One of the most important lessons from Open Banking is that growth does not come simply from creating the technology.

It comes from establishing trusted rules, clear governance and incentives that allow innovation to scale with confidence.

As we look at the future of Open Finance and Smart Data,

the question is not whether data can create value.

The evidence is already there.

The question is how quickly we can create the conditions for that value to be realised across the economy.

And as we look ahead, there is another challenge emerging.

We are entering an era where decisions are increasingly informed by data,

automated by technology,

and in some cases, shaped and executed by artificial intelligence.

Yet the fundamental question remains the same as it always has: who is accountable?

One of the strengths of the UK financial system is

We do not allow responsibility to disappear into a committee,

a process,

or a piece of technology.

Responsibility sits with humans at the top of organisation.

As firms make greater use of consumer data and AI, that principle of human accountability becomes even more important.

Because consumers will not care whether a poor outcome was caused by a person, an algorithm, or a model. They will rightly expect someone to be accountable.

So much of the conversation around AI is built around what could go wrong. Of course, this is important.

But we also need to focus on what could go right.

AI has the potential to amplify benefits for consumers, including delivering services and products to those who have been previously financially excluded.

And for those who are already served well by industry, AI has the potential to optimise their journey and outcomes.

Agentic payments have already been trialled by the FCA inside its sandbox.

Regulators, working hand in hand with innovators.

That partnership is vital: guardrails will engender consumer trust which will fuel future financial services.

Smart Data and Innovation

The greatest systemic risks often emerge not from what we regulate,

but when there is no clear sight of what outcome it is that we are trying to achieve.

All of us in this room – industry, OBL and regulators, need to get better at spelling out the benefits of Smart Data to consumers.

For the real prize is not just better banking apps or energy switching or a smoother conveyancing process.

It is joining up data from people’s lives to create better services

To create new services

And to improve people’s lives.

Open Banking has shown that trusted data sharing can deliver real economic value and innovation in a way that benefits consumers.

The challenge now is scaling that into a wider Smart Data economy – ensuring that we do not try to reinvent the regulatory wheel – which has been turning smoothly so far.

We know that having consumers in the driving seat of consent powers trust.

And we must work together on making sure that data consent journey is as frictionless as possible, particularly as Open Banking grows into Open Finance – with the expansion into more sectors and more providers.

There is exponential opportunity in connecting providers with use cases, enabling innovation to scale.

Together we are exploring how to make that journey more streamlined

To help grow and build on the foundations we already have…

Open Banking is already delivering tangible benefits for consumers and businesses, helping people manage money,

avoid financial difficulty,

access better products and make more informed decisions.

For SMEs, it has the potential to unlock hundreds of millions of pounds in additional financing

and help address persistent barriers to accessing capital.

The prize is much bigger than payments.

The UK has an opportunity to lead the development of a trusted Smart Data and agentic finance ecosystem,

creating new products,

new business models

and new sources of productivity growth.

But growth depends on trust.

Consumers will only delegate decisions to AI agents if they trust the rules.

Businesses will only invest if they trust the framework.

Regulators will only enable innovation if they trust the safeguards.

Symmetry – a key part of fairness – will foster more trust.

The lesson from Open Banking is simple: standards create trust,

trust creates adoption,

and adoption creates growth.

SMES and economic value

For SMEs, the opportunity is particularly compelling.

One in five SMEs are already using Open Banking technologies,

with benefits already being seen through accounting automation,

cash-flow visibility

and more data-driven lending.

EY’s analysis suggests Open Banking could help reduce unmet SME lending demand by almost £570 million,

while SME-related opportunities are measured in the billions,

including around £6.5 billion in accounting benefits

and up to £18 billion in credit and lending opportunities.

The FCA has spotlighted SME lending as a clear use cases for Open Finance.

Conclusion

Earlier, I mentioned the Apocalypse Tapestry.

What strikes me about it isn’t the apocalypse.

It’s the stitching.

Centuries later, we still admire the picture.

We debate its meaning.

We search for hidden warnings.

And we marvel at the final scenes of renewal.

And none of it survives without the stitching.

Open Banking is much the same.

We talk about the apps.

The payments.

The APIs.

The AI agents that may soon act on our behalf.

But the real story is the stitching.

The standards.

The trust.

The accountability.

That’s what has turned Open Banking from an idea into infrastructure.

Infrastructure that is already generating around £2 billion of economic value every year, with the potential to grow to £7.4 billion annually within five years and as much as £43 billion annually at full adoption.

It’s helping consumers manage money more effectively and helping SMEs access finance, automate processes and grow.

As we move towards Smart Data and agentic finance,

the temptation will be to focus on the picture: the extraordinary possibilities of machines making decisions, moving money and negotiating on behalf of consumers and businesses.

But history tells us something important.

The picture only lasts if the fabric and stitching and craftsmanship is strong.

If those who benefit also contribute.

If those performing similar activities operate to similar standards.

If every new thread strengthens the fabric.

Because the opportunity before us is enormous.

But so is the responsibility.

And if we get the stitching right, future generations won’t talk about the risks we avoided.

They’ll talk about the growth we unlocked.

ENDS. 

Location: Open Banking Expo 2026, London

Delivered on 14 October 2026 (original script may differ from delivered version.)