Open banking - statistics & facts
Open banking has revolutionized the financial industry in recent years by enabling the secure sharing of customer financial data between banks, non-bank financial institutions, and third-party financial services providers. The value of open banking transactions worldwide reached 57 billion U.S. dollars in 2023, and it is expected to increase sharply in the following years. The number of open banking Application Programming Interface (API) calls, which serve as the technological bridge that enables secure data sharing, is also expected to go through a significant surge in the upcoming years. Estimates are that the number of these calls will increase to 580 billion in 2027, signaling the rapid expansion of open banking services and their integration into various financial ecosystems. Open banking gained particularly significant traction in Europe, with the presence of open banking third party providers rapidly increasing. Third party providers (TPPs) are authorized entities that can operate across borders within the European Economic Area (EEA) under the passporting scheme.
