Global Open Banking Market and Trends 2021

Published: October 19, 2021 |

yStats.com GmbH & Co. KG | 75 Pages | Delivery time: 1-2 business days

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Open Banking spreads beyond Europe: new yStats.com report.

The new report from Germany-based market research company yStats.com, "Global Open Banking Market and Trends 2021" provides a comprehensive summary of the new developments within the Open Banking market across the global regions and shares insights into the market trends. Among other findings, the publication reveals that many countries which have functioning Open Banking ecosystems followed the European regulatory-driven approach.

Open Banking is likely to undergo a rapid increase in the Open Banking adoption rate

Countries around the world are dramatically divided on the level of Open Banking sophistication, and many markets are still only considering or even resisting the system. However, markets that decided to open their banking systems either followed the regulatory approach modelled by Europe or were driven by consumer willingness to exchange data for certain benefits. Europe, the key Open Banking region, with UK as a clear leader, is expected to dominate OB in transaction numbers for the next several years. The Asia-Pacific region follows Europe, but the adoption rate gap between the two is significant.

In Europe, the leading Open Banking market, implementation and acceptance varies

The European Open Banking landscape, based on the PSD2 legislation, is more developed than other regions globally. Moreover, the region has a clear leader - the United Kingdom, an Open Banking pioneer. As of March 2021, the country's ecosystem had already over two hundred Third-Party Providers (TPPs) and more than three million consumers benefiting from Open Banking. Germany follows the UK in the level of Application Programming Initiative acceptance, however, by the number of TPPs the market, Germany is still far distant from the UK. Additionally, even in the leading markets, consumer resistance to data sharing remains a key barrier to further Open Banking implementation.

Several other global regions are making efforts to catch up with Europe in terms of Open Banking development

Following the European example, other regions across the globe started developing their Open Banking ecosystems. Some such as in Australia, Mexico, Brazil, and South Africa saw regulators implementing legislation to facilitate OB. Meanwhile, others were driven by markets and only later were offered guidelines from policy makers. This was the case in China, USA, Canada and others, as explained in the new yStats.com publication. In general, Open Banking ecosystems across the world are forecasted to extend in adoption within the coming years and additional countries are expected to connect as the system's benefits become clearer for the regulators, financial institutions and consumers.

Covered Regions:

Asia-Pacific, Europe, Latin America, Middle East and Africa, North America.

Companies Mentioned:

Ant Financial, Apollo Finvest, Bankable, Cardlytics, China Construct, Citi Bank, ClearScore, Comdirect, Commerzbank, DBS Bank, Deposit Solutions, DepositSolutions,Deutsche Bank,DriveWealth, Fidel, FinTecSystems, FinVu, ICBC China, Ikano Bank, Industrial Bank of Korea, ING-DiBa, K Bank,Kabbage, Kakao Bank, KB Kookmin Bank, KEB Hana Bank Global, M2P YAP, Marqeta, Mono, MTN, Nium, Nonghyup Bank, Nordic API Gateaway, Okra, Onego Bank, Onemoney, OnePipe, OTP Bank, Payoneer, Perfios, Plaid, Promsvyazbank, Raiffeisen Bank, Railsbank, Raisin, Rapyd, Saltege, Shinhan Bank, SolarisBank, StitchStripe,Tink,Tinkoff Bank, Tochka,Transferwise, TrueID, TrueLayer, WeBank, Woori Bank, Yapily.

Product Code: 1546

1. Management Summary

2. Global Market Overview

Number of Cashless Transactions, in billions, by Region, 2020 & 2025f & 2030f
Countries Where Open Banking Services are Offered, incl. State of Development, June 2021
Share of Financial Institutions that Currently Considering/Have Started the Process/Have Opened APIs, in % of Financial Professionals, 2021
Open Banking Structural Overview, November 2020
Key Tenets of Open Banking, January 2021
Open Banking Market Size Valuation, in USD million, 2020 & 2027f
Number of Open Banking Users, in millions, 2020 - 2024f
Share of Consumers Who Do not Use Open Banking, and Who Do not Use Financial Apps, in %, March 2021
Impact of Open Banking on Organizations, in % of Financial Professionals, June 2021
Impact of Open Banking on Organizations, in % of Financial Professionals, 2020 & 2021
Consumer Attitude Toward Data Sharing in Open Banking, in %, March 2021
Consumer Attitude Toward Banks' Approach to Offer Open Banking, in %, March 2021
Reasons to Join Open Banking after the COVID-19 Pandemic, in % of Consumers, March 2021
Share of Banking Executives Who are Unsure How to Embrace Open Banking and Orchestrate Ecosystem, in %, 2021
Share of Banking Executives Who are Unsure How to Embrace Open Banking and Orchestrate Ecosystem, in %, 2021
Open Banking Funding Value, in USD million, 2018 - 2021
Overview of Service Platforms in Open Banking, incl. Company Examples, April 2021

3. Europe

3.1. Regional
- Countries Ranking by Open Banking Ecosystem Development, June 2021
- Breakdown of Value Propositions of PSD2 Licensed Third-Party Providers' Types, in %, September 2020
- Number of Third-Party Providers in Open Banking, September 2020 & March 2021 (1 of 2)
- Number of Third-Party Providers in Open Banking, September 2020 & March 2021 (2 of 2)
- Cash Preference for Shopping and Services Payments, in % of Respondents, 2018 & 2020
- General Willingness to Share Data in Exchange for Benefits, in % of Respondents, 2018 & 2020

3.2. Advanced Open Banking Markets
- 3.2.1. United Kingdom
  - Overview of the Open Banking Developments, August 2021
  - Number of Open Banking Users, in millions, January 2020 & April 2021
  - Reasons Why Open Banking was Adopted, in % of Lenders, Q1 2021
  - Out of 10 Score Given by Lenders for the Outcome of Using OB for Credit Decisions, and Income & Employment Verification, in % of Lenders, Q1 2021
- 3.2.2. Germany
  - Overview of the Open Banking Developments, August 2021
  - General Willingness to Share Data in Exchange for Benefits Compared to the EU Average, in % of Respondents, September 2020

3.3. Developing Open Banking Markets
- 3.3.1 Regional
  - Overview of the Open Banking System, by Country, incl. Improvements, June 2021
- 3.3.2. Turkey
  - General Willingness to Share Data in Exchange for Benefits, in % of Respondents, 2020
- 3.3.3. Russia
  - Overview of the Open Banking System, August 2021
  - Summary of Banks Included in Open Banking, incl. Markets, AIS, and PIS, 2021

4. Asia-Pacific

4.1. Regional
- Overview of the Open Banking System, August 2021

4.2. China
- Summary of Banks Included in Open Banking, incl. Markets, AIS, and PIS, 2021

4.3. India
- Bank Customer Propensity to Share Data, in %, January 2021

4.4. South Korea
- Open Banking Transactions Value, in KRW trillion, 2019 & 2020
- Open Banking Number of Users, and Number of Use Cases, by Financial Institution, March 2021

5. North America

5.1. United States
- Ways Consumers Open New Accounts, by Type of Account, 2020
- Share of Adults Who Know What Open Banking is or Have Heard About It, in %, 2021
- Top Reasons Why Adults Feel that Growing Movement Toward Open Banking is not a Positive Development, in %, 2021
- Share of Adults Who Feel that Growing Movement Toward Open Banking is a Positive Development, in %, 2021
- Share of Adults Who Agree with a Central Principle of Open Banking, in %, 2021

5.2. Canada
- Preferences to Share Data with Big Banks, by Type of Data, in % of Banking Customers, 2021

6. Latin America

6.1. Regional
- Share of Fintech Professionals who Believe that Companies Should Get Ahead of Regulation for Open Finance Implementation, in %, 2021
- Top Challenges for Open Finance in 2021, in % of Fintech Professionals, 2021
- Fintech Verticals that will Benefit the Most from Open Finance in 2021, in % of Fintech Professionals, 2021
- Value of Fintech Investment Activity, in USD million, and Breakdown of the Number of Deals, in %, by Country, 2020