Open banking users to double by 2021, reaching 40 million

19 mai 2020

Europe to Dominate Open Banking Implementation.

A new study from Juniper Research has found that the total number of Open Banking users (who share data via Open Banking APIs to aggregate their bank accounts and access new services), will double between 2019 and 2021; reaching 40 million in 2021 from 18 million in 2019. The research found that the ongoing Coronavirus pandemic is increasing the need for consumers to aggregate accounts and gain insight into their financial health; boosting momentum in Open Banking adoption.

This extraordinary growth is being driven by Europe, where the regulator-led approach to Open Banking has created a standardised market, with low barriers to entry. This contrasts with markets like the US, where a lack of central regulatory intervention is limiting growth potential.

For more insights, download the free whitepaper: Seizing the Open Banking Opportunity.

Open Banking: Threat or Opportunity for Banks?

The new research, Open Banking: Opportunities, Challenges & Market Forecasts 2020-2024, identified that Open Banking can be both a threat and an opportunity for traditional banks. While Open Banking exposes user information and access to potential competitors, this threat is equal to all players in the market. As such, the research recommends that established banks create innovative Open Banking services that provide user benefits, and attract customers from less innovative competitors.

Research author Nick Maynard explains: “Banks must embrace Open Banking as a chance to capitalise on their ongoing digital transformation journeys and introduce innovative services enabled by Open APIs, or risk losing out to more digitally-agile competition”.

Open Banking Payments at an Early Stage, but have Potential

The research identified that payments will be critical to the emerging Open Banking ecosystem; accounting for over $9 billion in transaction value in 2024. However, payments within this ecosystem are at an early stage.

The study highlights that eCommerce is dominated by card networks, but there is potential for this role to be eroded over time by ‘direct from account’ payments. The research recommends that card networks should offer Open Banking-enabled payment services to offset the risk of future disruption.

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Adrian Vasilescu – consilier de strategie al guvernatorului BNR

„O singură provizie am făcut, de card, pentru că nu mai umblu cu banii în buzunar. Banii sunt cei mai periculoși când este vorba de răspândirea unei molimi. Am renunțat la cash. În rest, este o prostie să faci provizii. Dacă vine o molimă și nici nu știi când va ajunge, dacă ar fi să se întindă, pe cât timp să poți să faci provizii? Faci provizii pe trei săptămâni, pe patru săptămâni și mai departe?”, a spus consultantul.

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?