Saturday, 6 May 2023
by Earn Media
A new study has found that Open Banking usage will grow by 470% over the next 4 years, with the total number of API (Application Programming Interface) calls generated via Open Banking to exceed 580 billion by 2027, from only 102 billion in 2023.
Strong interest in new Open Banking-based services, such as PFM (Personal Financial Management) tools and account access for underwriting for loans & credit, is driving this growth, as users seek to gain better control of their finances across different accounts, exacerbated by the impact of the cost-of-living crisis.
The study found that, given Open Banking’s low consumer awareness, infrastructure vendors must work with the wider ecosystem to fully educate users and ensure they understand the benefits that sharing data can bring.
“Europe has led the way on Open Banking, and is an example of how regulator-led approaches can stimulate innovation,” says research co-author Nick Maynard.
“As a well-established market, Europe’s growth rate will dip compared to others, but it will still serve as an innovation hub for Open Banking development.”
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