The Open Banking Market is Forecast to See a Spurt in Growth, With Regulators Worldwide Implementing the Concept on a Large Scale
After the UK, Germany occupies a dominant position in the open banking market
Although the UK is the leader in open banking implementation and development, other countries such as Germany, France, Sweden, and the Netherlands are also making progress. Especially in Germany, the foundation has been laid to develop a strong open banking ecosystem, with the country having the second-highest number of home-regulated third-party providers as of June 2022, as mentioned in the new report. Moreover, the number of passport third-party providers in Germany reached a triple-digit count during the same period. As of 2021, a majority of the third-party providers in Germany offered both account information and payment initiation service, with this share being higher compared to the entire EEA region. Furthermore, the share of countries in the EEA that are approved to provide third-party services in Germany also saw a slight increase from 2019 to 2021. The number of third-party providers in Germany reached a triple-digit value as of June 2022, thereby reducing the gap between the EEA and Germany. More than three-quarters of countries in the EEA have the authority to provide third-party services in Germany, with Lithuania at the top of the list, followed by France and the Netherlands. One challenge that remains is providing stable and standard APIs.
Unlike its European counterparts, open banking in Asia-Pacific is mainly market driven, with Australia being the exception
After Europe, Asia-Pacific is the region with the highest number of open banking platforms and products as of 2021. The growth of open banking in the region is due to consumers' willingness to share their data, as outlined in the new report. In Asia-Pacific, countries such as Australia, Hong Kong, and Singapore are some of the early adopters of open banking. In 2022, Australia aims to implement consumer data rights for the energy sector that will ensure further growth of open banking in the country. Singapore has robust and dynamic legislation in place for the development of open banking. New Zealand also plans to launch a similar consumer data rights initiative like in Australia by the end of 2022. Moreover, countries such as Indonesia and the Philippines are also making progress in the development of open banking initiatives.
Questions Covered:
1. What are the emerging trends that are changing the global open banking market?
2. What is the forecasted transaction value of open banking enabled payments in 2026?
3. What are the main objectives of organizations for introducing open banking?
4. What was the transaction value of payments via open banking in South Korea in 2021?
Countries Covered:
- Australia
- Brazil
- Canada
- Germany
- India
- Mexico
- Russia
- South Korea
- UK
- USA
Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report
Table of Contents
1. Management Summary
2. Global
- Overview of Trends And Development in Open Banking, September 2022 (1 of 2)
- Overview of Trends And Development in Open Banking, September 2022 (2 of 2)
- Open Banking Market Size, in USD billion, 2022 & 2026f
- Value of Global Payments Facilitated by Open Banking, in USD billion, 2021 & 2026f
- Number of Open Banking Products and Platforms, by Regions, Q2 2022
- Annual Growth of API Products, by Regions, in %, Q4 2021
- Share of Fintechs Built on Banking & Finance APIs That Focus on SMEs, in %, Q3 2022
- Share of Fintech Products Built on Banking & Finance APIs That Would be Used For Addressing Issues of Financial Inclusion, in %, Q3 2022
- Breakdown of APIs, by Category, in % of Total API Products, March 2022
- Share of Banks That Are Using Open API Specification Standard to Describe Their API, in %, Q1 2022
- Share of Financial Institutions That Regard Open Banking as a “Must Have” for Their Organization, in %, 2021 vs 2022
- Top Areas Where Open Banking Will Have the Largest Impact, in % of Financial Professionals, 2021 vs 2022
- Top Impact Due to the Introduction of Open Banking, in % of Financial Institutions, September 2022
- Top Monetization Strategies After the Introduction of APIs, in % of Banks, 2021e
- Overview of Open Banking Service Providers incl. Description of Services Provided, September 2022
3. Europe
3.1. Regional
- Country Ranking by Open Banking Ecosystem Development, September 2022
- Overview of The Open Banking System, by Country, incl. Improvements, September 2022 (1 of 3)
- Overview of The Open Banking System, by Country, incl. Improvements, September 2022 (2 of 3)
- Overview of The Open Banking System, by Country, incl. Improvements, September 2022 (3 of 3)
- Share of Financial Executives Who Had a Positive Attitude Towards Open Banking, in %, 2019 vs 2021
- Share of Financial Executives Who Believe Open Banking is a Revolution of The Banking Industry, in %, 2021
- Share of Financial Executives Who Already Invested or Plan to Invest in Open Banking in the Next 12 Months, in %, March 2022
- Share of Financial Executives Who Indicated That Their Level of Investment Increased as a Result of The Pandemic, in %, March 2022
- Share of Financial Executives Who Indicated Payment Initiation Services (PIS) to Be The Most Important Open Banking Use Case to Invest in For Their Business, in %, March 2022
- Top Benefits of The Payment Initiation Services, in % of Financial Executives, March 2022
- Top Drivers For The Adoption of Payment Initiation Services (PIS), in % of Financial Executives, March 2022
- Top Barriers to The Adoption of Payment Initiation Services (PIS), in % of Financial Executives, March 2022
- Attitudes Towards User Awareness in Introduction of PIS, by Country, in % of Financial Executives, March 2022
- Number of Third-Party Providers, January 2020, March 2020, June 2020, September 2020, December 2020, March 2021, June 2021, September 2021, December 2021, March 2022f
- Areas Planned to Use Open Banking, in % of Financial Executives, March 2022
3.2. UK
- Overview of The Open Banking Developments, September 2022
- Number of Live-to-Market Open Banking Enabled Services, by Principal Outcome Area, March 2021, September 2021 & March 2022
- Number of Live-to-Market Open Banking Enabled Products and Services, by Customer Type, March 2021, September 2021, & March 2022
- Number of Live-to-Market Open Banking Enabled Products and Services, by route to Market, March 2021, September 2021, & March 2022
- Share of Account Information Service (AIS) And Payment Initiation Service (PIS) Users, by User Type, in %, March 2022
- Number of Successful Open Banking Payments, in millions, March 2021, September 2021 & March 2022
- Number of Active Open Banking Users, in millions, November 2019, September 2020, September 2021 & January 2022
- Breakdown of Awareness Regarding Open Banking Among Businesses and Consumers, in % of Respondents, 2022e
3.3. Germany
- Overview of The Open Banking System, September 2022
- Share of Third-Party Providers (TPPs) Offering Different Services, by Type of Services, 2021
- Share of EEA Third-Party Providers Approved to Provide Services in Germany, in %, September 2019 vs June 2022
- Total Number of TPPs, September 2019, September 2021 & June 2022
- Share of EEA Countries That Are Authorized to Provide Third-Party Provider Services, in %, June 2022
- Number of TPPs Passporting into Germany, by Countries, June 2022
3.4. Russia
- Overview of The Open Banking System, September 2022
4. Asia-Pacific
4.1. Regional
- Overview of The Open Banking System, September 2022
- Breakdown of Top Bank API Products, by Category, in % of Total API Products, Q2 2022
- Breakdown of Fintechs in Open Banking and Open Finance Creating Products to Reduce Financial Exclusion, by Region, in %, Q2 2022
4.2. India
- Share of Businesses of Banks That Would be Carried Out Through Embedded Finance Model Operated by Open Banking, in %, 2027f
- Share of Consumers Who Are Open to Sharing Data on Account Aggregator Platforms, in %, 2021
4.3. South Korea
- Overview of The Open Banking System, September 2022
- Settlement Volume by Payment System, incl. “Open Banking System”, 2019-2021 (1 of 2)
- Settlement Volume by Payment System, incl. “Open Banking System”, 2019-2021 (2 of 2)
- Settlement Value by Payment System, incl. “Open Banking System”, in KRW billions, 2019-2021 (1 of 2)
- Settlement Value by Payment System, incl. “Open Banking System”, in KRW billions, 2019-2021 (2 of 2)
4.4. Australia
- Share of Respondents Who See Open Banking Based Products and Services As Useful, in %, 2022e
- Share of Respondents Willing to Engage in Open Banking, in %, 2022e
- Top Concerns Individuals Have While Sharing Their Financial Information, in % of Individuals, 2022e
5. North America
5.1. USA
- Share of Financial Institutions That Regard Open Banking as a “Must Have” for Their Organization, in %, 2021 vs 2022
- Breakdown of Open Banking Strategies Among Banks, by Year, in % of Bank executives, 2021 vs 2022e
- Share of Financial Institutions That Believe Shared Data Infrastructure Will Become a Key Strategy for Open Banking and Open Finance, in %, 2021 vs 2022
- Share of Banks That Have Already Deployed or Plan to Deploy the Following Technologies, in %, 2021 vs 2022
- Share of Credit Unions That Have Already Deployed or Plan to Deploy the Following Technologies, in %, 2021 vs 2022
5.2. USA & Canada
- Breakdown of Top Bank API Products, by Category, in % of Total API Products, Q2 2022
5.3. Canada
- Top Factors That Drive Customers to Share Data With Financial Institutions, in % of Retail Banking Respondents, 2021
- Share of Small and Medium Businesses That Are Willing to Share Their Data Without Concerns About Security, in %, 2021
6. Latin America
6.1. Regional
- Breakdown of Top Bank API Products, by Category, in % of Total API Products, Q2 2022
- Value of Fintech Sector Investments, in USD billion, 2020 & Q1-Q3 2021
- Share of Fintechs, by Country, in % of Total Fintechs, 2021
6.2. Mexico
- Top Opportunities For Developing Open Banking Services, in % of Companies, 2021
- Overview of The Open Banking Developments, September 2022
6.3. Brazil
- Overview of The Open Banking Developments, September 2022
7. Middle East & Africa
7.1. Regional
- Overview of The Open Banking System, September 2022
Samples
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Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Bank of Korea (BOK)
- DBS
- Promsvyazbank
- Sberbank
- Tinkoff Bank
Methodology
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