What do lenders see with open banking?
With open banking, lenders can see your bank account transaction history — typically 3 to 12 months — including income credits, regular outgoings, direct debits, and spending patterns. They cannot see your savings in other banks or investment accounts unless you consent to share those too. All access requires your explicit consent and is governed by the FCA under the Payment Services Regulations 2017.
What specific transaction data do lenders review?
Lenders using open banking typically review: salary credits and other income sources, regular bill payments and direct debits, discretionary spending categories such as gambling or subscriptions, overdraft usage, and month-end balances. This data is automatically categorised by the AISP provider to generate an affordability profile, which the lender uses alongside a traditional credit check.
Do lenders see my overdraft or debt repayments through open banking?
Yes — if you have an overdraft on the connected account or make visible debt repayments from it, these will appear in the transaction data. Lenders use this to build a complete picture of your financial commitments. However, they can only see what is visible in the accounts you have specifically consented to share.
Open Banking in Practice: Under UK open banking rules, your explicit consent is required before any lender can access your data. Consent is time-limited and can be revoked at any time. The FCA requires all Account Information Service Providers (AISPs) to collect only the data necessary for the stated purpose. Read our guide to consumer rights and open banking data on openfuture.world.
FAQ
Can a lender see my credit card spending through open banking?
Only if you consent to connect your credit card account — open banking access is limited strictly to accounts you choose to share.
How long can a lender retain my open banking data?
FCA rules require lenders to retain data only as long as necessary and to clearly state the retention period in their consent request.
Will sharing open banking data help or hurt my loan application?
It typically helps — particularly if your income and spending patterns demonstrate genuine affordability, even with a limited credit history.