Open banking has not lived up to its potential in Great Britain, according to a report by the Financial Times. While it has seen success in some areas, such as faster lending decisions, it has not reached profitability, with higher interest rates cooling investor enthusiasm. Open banking technology allows customers to share their financial information with other banks, apps, and online retailers, and allows lenders to permit pay-by-bank remittances without card intermediaries. The excitement around open banking accompanied the past decade’s U.K. FinTech boom, making London a leader in the sector. However, many users are unaware of the technology’s availability and do not see the benefits of digital wallets like Apple Pay. The awareness gap for open banking is not just confined to the U.K., with 56% of American consumers not familiar with pay by bank. However, incentives can help bridge this gap, with Generation Z and high-income individuals being particularly receptive to pay by bank, especially when coupled with incentives.