Open Banking: Opportunities, Competitor Leaderboard & Market Forecasts 2023-2027

• Market Dynamics: Insights into key trends and market expansion challenges within the Open Banking market; addressing challenges posed by the highly technical nature of Open Banking and ongoing consumer fears regarding security, the potential benefits of increasing regulatory involvement, and analysing the many Open Banking use cases. The banking market share research also includes a regional market growth analysis on the current development and segment growth of the Open Banking market in 19 countries, as well as providing a future outlook.
• Key Takeaways & Strategic Recommendations: In-depth analysis of key development opportunities and key findings within the Open Banking market, accompanied by key strategic recommendations for stakeholders.
• Benchmark Industry Forecasts: The business overview into financial service providers includes forecasts for total revenue for Open Banking, split by consumer vs business use cases. This banking services industry growth data is further split by our 8 key forecast regions and 60 countries:
  • North America:
    • Canada, US
  • Latin America:
    • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay.
  • West Europe:
    • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK.
  • Central & East Europe:
    • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine.
  • Far East & China:
    • China, Hong Kong, Japan, South Korea.
  • Indian Subcontinent:
    • Bangladesh, India, Nepal, Pakistan.
  • Rest of Asia Pacific:
    • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam.
  • Africa & Middle East:
    • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates.
• Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 18 Open Banking vendors, via the Juniper Research Competitor Leaderboard, featuring banking market size for major players in the banking industry:
  • Avaloq
  • Bud Financial
  • Fabrick
  • Mastercard
  • MX
  • Ndigit
  • Nordigen
  • OpenPayd
  • Plaid
  • Salt Edge
  • TESOBE
  • Tink
  • Token
  • True Layer
  • Trustly
  • Volt
  • Worldline
  • Yapily 

1. What is the state of the Open Banking market?
2. What are the challenges facing the Open Banking market?
3. Which countries show the greatest adoption of Open Banking?
4. Who are the largest vendors operating in the Open Banking market?
5. What will the total value of the Open Banking market be between 2023 and 2027?

Interviewed: Mastercard, Nordigen, Tink, Token, Trustly, Worldline, Yapily.
 
Case Studied: Konsentus, Plend.
 
Included in the Juniper Research Competitor Leaderboard: Avaloq, Bud Financial, Fabrick, Mastercard, MX, ndigit, Nordigen, OpenPayd, Plaid, Salt Edge, TESOBE, Tink, Token, TrueLayer, Trustly, Volt, Worldline, Yapily.
 
Mentioned: 9YC, Aberdeen Standard Investments, Addition, Adyen, Affinity, Agricultural Bank of China, Aiia, Algoan, Alibaba, AltaBank, Altimeter Capital, American Express, American Express Ventures, Andreessen Horowitz, Anna, Anthemis Group, ANZ, Australian Payments Network, Avanza, Azimo, Banco BNI Europa, Bankart, Barclays, BBVA, Betterment, Betway, BlackRock Private Equity Partners, Blend, BNP Paribas, Cambr, Capital on Tap, CapitalG, Capnamic Ventures, Cazoo, Charles Schwab, Citi, Citizens Bank, Cleo, Coconut, Connect Ventures, Crédit du Norde, Credit Hero, Credit Karma, Credit Ladder, Curve, Cuscal, Dave, DBS, DCU Fintech Innovation Centre, Dell, Dieter von Holtzbrinck Ventures, Digital Garage, Dots, dozens, Dwolla, Ecolytiq, Ecospend, Ekata, EllieMae, Equens, eToro, Eurobits Technologies, Experian, Fattura24, ferratum, Finastra, Finicity, Fintech Sandbox, FiVision, Formfree, Freetrade, Go Compare, GoFundMe, Goldman Sachs, Greycroft, Groupon, Halifax, HeyTrade, HSBC, HV Capital, Hypothekarbank Lenzburg, IBM, iDeal, IDnow, IFC (International Finance Corporation), illimity, Index Ventures, Inform, Instantor, Intuit Quickbooks, Investment Corporation of Dubai, IPF Digital, JPMorgan Chase, Kleiner Perkins, La Banque Postal, Lemonway, LEVEL, LHV, Lloyds, Lyft, Mambu, Mantl, Market Pay, MaRS, Maybank, Microsoft, mobile.de, MoneyFarm, MoneyWhizz, Monzo, Moov, Nationwide, NatWest, Neonomics, Nets, Neuberger Berman Group, New Enterprise Associates, Nordic Capital, Northzone, Nutmeg, Online Payment Platform B.V., OpenWrks, Ourbanc, Outward, Oval, PAYONE, PayPal, Payveris, Pelion Venture Partners, Penfold, PensionBee, Pix, Pleo, Plum, Poste Italiane, Prelim , PROfounders Capital, PwC, QuickPay, Raiffeisen, Rakuten, RBS, Revolut, Sambla Group, Santander, Simpl, Simple, SlimPay, Société Générale, Sodexo, Sozialbank, Spark Capital, SPS (SIX Payment Services), SS&C, Stake, Standard Bank, Stripe, Swedbank, SWIFT, SwissBorg, Synch, TDR Capital, Temasek Holdings, Temenos, Tencent, Thought Machine, Tieto, TPG, Tymit, UBS, UniCredit, US Bank, Venmo, VIABILL, Visa, Vocalink, Wave, WealthOS, Wells Fargo, Wise, Wizz Air, Wombat, Worldpay, Y Combinator.
 
 

Juniper Research’s Open Banking forecast suite provides unrivalled industry benchmark forecasts across a large set of use cases. Tables presented for each data split include:

• The number of users for each service, as well as total Open Banking users
• The number of Open Banking API calls, totals and split by use case
• The value of Open Banking initiated transactions, totals and split by use case.

The following segments are included within the comprehensive forecast:

• Consumer Open Banking-initiated Payments
• eCommerce Open Banking-initiated Payments
• Bill Payments initiated via Open Banking
• Underwriting Services
• Other Consumer Open Banking Services
• Business Open Banking Services

Global Open Banking payments transaction values will exceed $330 billion globally by 2027, up from $57 billion in 2023. The report predicted that the development of new use cases, such as bill payments via Open Banking, will drive adoption, given Open Banking’s simplicity of use versus alternatives, such as card payments.

• It is anticipated that efforts to educate consumers about the security and benefits of Open Banking will catalyse market growth; helping alleviate common consumer fears and misconceptions regarding the potential misuse of financial data that third parties are granted access to.
• Open Banking must overcome consumers’ security fears surrounding the sharing of financial data if it is to fulfil its strong growth potential. Accordingly, Open Banking vendors must educate consumers and provide greater transparency surrounding data privacy and security by highlighting the procedures in place to protect financial data to ease security concerns and encourage greater adoption of Open Banking services when marketing their solutions.
• It is also predicted that the development of new use cases will be instrumental to ensuring that Open Banking fulfils its potential. One of the most promising new use cases is the ability to use Open Banking payments to pay tax bills, as introduced within the UK. As bill payments using Open Banking expand outside of the UK, bill payments are expected to account for more than $59 billion globally in transaction value by 2027.
• Vendors in the Open Banking space must continue to invest in high potential new Open Banking use cases, such as full integration within eCommerce marketplaces. This will help both further develop the Open Banking market but also to attract a more sizeable user base; becoming more competitive in an increasingly saturated digital payments market.