Small Business Owners Still Suspicious Of Open Banking – Survey

Most owners of small businesses are wary about sharing their data electronically, holding back the rollout of open banking which makes it easier to manage their money. Fewer than one in seven business owners questioned by the Federation of Small Businesses (FSB) said they were sharing the details of their business bank accounts with third parties. It means that most businesses are not getting the benefits of open banking, which puts invoice, cash flow, payroll, utilities and tax data all in the same place, the FSB said. “We’re two years on from the introduction of open banking but very few small firms have reaped any benefit from it,” said FSB chairman Mike Cherry.