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Global Open Banking Market & Trends 2021

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Description

Countries Covered: Brazil, Canada, China, Germany, India, Mexico, Russia, South Korea, Turkey, UK, USA

Pages: 75

Publication Date: 19/10/2021

Questions Covered in the report:

  • What is the status of Open Banking development in various countries across the globe in 2021?
  • What are the key tenets of Open Banking globally in 2021?
  • How is the number of Open Banking users is forecasted to change by 2024 in different regions worldwide?
  • How do consumers feel about the Open Banking approach in 2021?
  • What was the value of global Open Banking funding prior to the pandemic and how does it look like in 2021?

Key Findings:

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

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.

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

6.2. Mexico

Overview of the Open Banking Developments, August 2021

6.3. Brazil

Overview of the Open Banking Developments, August 2021

7. Middle East and Africa

7.1. Regional

Overview of the Open Banking System, August 2021

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