Global Open Banking Market Report Overview:
NEW DELHI, June 12, 2025 /PRNewswire/ — The Global Open Banking Market is witnessing remarkable expansion. According to MarkNtel Advisors, the market is expected to grow from around USD 31.54 billion in 2024 to approximately USD 136.13 billion by 2030. This represents a strong compound annual growth rate (CAGR) of about 27.60% during the 2025-2030 period.
The surge in market value is primarily fueled by the digital transformation sweeping through the banking industry. Both digital-first banks and established financial institutions are rapidly adopting new technologies and open banking platforms. These innovations enable improved customer experiences, greater transparency, and enhanced service offerings.
Open banking initiatives are also gaining momentum due to favourable government regulations and increased consumer demand for personalised financial services. As competition intensifies, banks are investing heavily in APIs, data sharing, and secure digital ecosystems to stay ahead. This evolving landscape is expected further to accelerate global market growth in the coming years.
Approximately 23% of people across the 28 countries surveyed have opened digital bank accounts. This growing adoption is pushing banks and financial institutions to fast-track their digital transformation strategies. As a result, they are prioritising secure data sharing with third-party providers to meet customer expectations and regulatory requirements.
This shift is driving the greater adoption of Open Banking, a framework that enables consumers to share their financial data with authorised apps and services securely. According to the latest open banking market report, regions such as Asia-Pacific and the Middle East are at the forefront of this digital revolution. These areas are making significant progress in implementing digital banking solutions and establishing robust Open Banking ecosystems.
The rapid pace of digitalisation in these regions is prompting increased investment in open banking technologies. Financial institutions are leveraging these advancements to offer innovative products, enhance customer experiences, and stay competitive in an evolving market.
Open Banking Market Trend
The onboarding process in banking is experiencing a significant shift due to the rapid adoption of open banking. Financial institutions are now utilising open APIs to securely access and verify customer data from multiple sources in real-time. This innovation eliminates tedious paperwork and manual data entry, resulting in a more streamlined and efficient customer experience.
Automation plays a key role in this transformation. By automatically retrieving necessary information, banks reduce errors and expedite the account opening process, leading to increased customer satisfaction. Customers no longer need to submit the same documents or fill out lengthy forms repeatedly.
These improvements make banking more accessible and user-friendly, encouraging more people to try open banking services. As trust and familiarity with these solutions grow, financial institutions are seeing increased adoption rates. Ultimately, this trend is driving significant market expansion, as seamless onboarding becomes a standard expectation among consumers.
- Factors Affecting Open Banking Market Growth
The rapid pace of digital transformation has led to a sharp increase in online financial transactions, making banking more convenient for consumers. Open banking leverages APIs to enable seamless data sharing between banks and third-party providers, thereby driving innovation and the development of new services.
However, this expansion comes with rising concerns over data security and privacy. Financial institutions are wary of exposing sensitive customer information through open APIs. The risk of cyberattacks, financial losses, reputational harm, and hefty regulatory penalties makes banks cautious about fully embracing open banking.
This heightened caution environment is slowing the widespread adoption of open banking solutions. As banks strive to innovate while maintaining stringent security measures, the overall growth potential of the open banking market is being limited. Balancing innovation with robust security remains a significant challenge in this evolving digital landscape.
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- Factors Fueling the Expansion of the Open Banking Market
As globalisation accelerates, governments are increasingly aware of the need to strengthen links between financial institutions and their clients, both within their borders and across nations. Countries such as the United Kingdom, Mexico, and the United States are at the forefront of initiatives aimed at promoting the adoption of open banking solutions. These efforts not only facilitate smoother international money transfers but also bolster economic ties worldwide. Over the last ten years, there has been a deliberate push from both North American and European governments to make financial services more accessible to a broader population.
A pivotal development in this landscape was the enactment of the Payment Services Directive Two (PSD2) by the European Banking Authority in 2015, which signalled the official launch of open banking in Europe. Building on this momentum, the UK’s Competition and Markets Authority (CMA) mandated in 2018 that banks transition to open banking standards. As a result of these regulatory frameworks, financial institutions are now obliged to provide third-party providers with access to data that was once closely guarded. This increased transparency and competition have been key catalysts behind the robust expansion of the Global Open Banking Market.
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- Opportunities in the Global Open Banking Market
How CBDCs Are Shaping the Future of Finance – Central Bank Digital Currencies (CBDCs) are reshaping global finance as governments worldwide investigate and introduce digital forms of their national currencies. Motivated by goals to update their financial infrastructure and strengthen monetary policy, more than 10 countries have already launched central bank digital currencies (CBDCs), while upwards of 100 others are in various stages of research and development, according to the Atlantic Council. China’s digital yuan, a pioneering project that began its pilot phase in 2014, is poised for broader implementation. As these digital assets become more prevalent, financial institutions are compelled to upgrade their platforms to accommodate them. This shift presents substantial opportunities for open banking providers, who can facilitate the seamless integration of CBDCs within existing banking systems, thereby accelerating the growth of the open banking sector.
For comprehensive insights, detailed market statistics, and future projections, refer to the full report at: https://www.marknteladvisors.com/research-library/open-banking-market.html.
Overview of Key Global Open Banking Competitors
The global open banking sector is characterised by intense competition and strategic manoeuvring among leading companies. Industry leaders are pursuing mergers, partnerships, and acquisitions to solidify their positions. Notable players include:
F5 Solutions and Key Players in Open Banking
A growing number of leading financial technology companies are investing heavily in open banking solutions. Notable players include Finleap, Revolut Ltd, Tink AB, Salesforce, Inc., Worldline S.A., TATA Consultancy Services Limited, Capgemini, Oracle, Finicity (Mastercard), Jack Henry & Associates, Inc., Finastra, Global Payments, Virtusa Corp., Plaid Inc., and others.
These organisations are leveraging advanced technologies to offer seamless data connectivity, payment solutions, and API integration across the financial ecosystem. Their initiatives focus on enhancing user experiences, enhancing security, and providing real-time access to financial data.
By expanding their open banking capabilities, these companies aim to solidify their market positions and remain competitive in the fintech landscape. Their efforts reflect a strong commitment to innovation, regulatory compliance, and customer-centric services.
Industry Recent Development:
In 2024, Paysend announced a partnership with Tink, a leading open banking platform and Visa solution provider. This collaboration enhances Paysend’s money transfer services by integrating Tink’s open banking technology. Customers across the EU can now verify and fund international transfers directly from their bank accounts.
The process eliminates manual data entry and streamlines security procedures, resulting in faster, simpler, and more secure payments. This partnership underscores the ongoing evolution of open banking and its impact on global financial transactions.
Payments: A Leading Segment in Corporate and Retail Banking
The open banking market is increasingly segmented into key service areas, including Retail Banking, Corporate Banking, and Capital Markets. Among these, payment services within both Retail and Corporate Banking are showing the fastest growth and dominating market share.
Foremostr fintech innovators, including Google, Amazon, Facebook, and Apple, are leveraging open banking frameworks to create seamless payment solutions for consumers and businesses. This innovation is driving rapid adoption of open banking payments, streamlining transactions, and improving customer experiences.
Regionally, the Global Open Banking Market spans North America, South America, Europe, the Middle East and Africa, and the Asia-Pacific region.
Europe stands out as a leader in open banking adoption, driven by supportive regulations, such as PSD2, and a robust fintech ecosystem. The region is witnessing robust growth as banks and technology firms collaborate to launch new payment solutions.
Table 1 provides a detailed breakdown of the open banking market by key segments, including service type, deployment mode, and end-user. Table 2 maps the global startup ecosystem, highlighting emerging companies, innovation hubs, and investment trends in open banking.
Table 3 summarises survey results on the current status of open banking integration and implementation across financial institutions worldwide. Table 4 analyses the outcomes achieved through the integration of open banking, including efficiency gains, revenue growth, and customer satisfaction.
Table 5 presents case studies from leading global markets, showcasing successful open banking initiatives and their impact. Table 6 offers a Porter’s Five Forces analysis to assess competitive pressures in the global open banking market.
Table 7 presents major trends and actionable insights that are shaping the industry. Table 8 discusses key market dynamics, such as drivers, challenges, opportunities, and risks. Table 9 provides an in-depth value chain analysis, mapping stakeholders and processes.
Table 10 outlines significant policies, regulations, and service standards governing open banking globally. Table 11 presents market size estimates and revenue analysis. Table 12 breaks down market share by specific services.
Tables 13 to 17 provide regional outlooks for North America, the US, Canada, Europe, and the Middle East and Africa, forecasting the development of the open banking market from 2020 to 2030.
Eastern Europe Core Banking Market Research Report: Forecast (2023-2028)
The Eastern European Core Banking Market is set for significant expansion, with an expected compound annual growth rate (CAGR) of approximately 16.5% from 2023 to 2028. This growth will be driven by the region’s rapid digital transformation in the banking sector, increasing demand for seamless customer experiences, and the ongoing modernisation of legacy banking systems.
US Cash Management Services Market Research Report: Forecast (2025-2030)
In 2024, the US Cash Management Services Market was valued at around USD 388.19 million. The market is projected to grow robustly, reaching about USD 629.22 million by 2030. This represents a compound annual growth rate (CAGR) of approximately 7.99% during the forecast period from 2025 to 2030, driven by the increasing adoption of advanced cash management solutions by businesses and financial institutions.
GCC Cash Management Services Market Research Report: Forecast (2025-2030)
The GCC Cash Management Services Market was valued at USD 70.17 million in 2024 and is forecasted to reach USD 109 million by 2030. The market is expected to expand at a compound annual growth rate (CAGR) of approximately 7.62% between 2025 and 2030. Growth will be supported by the region’s focus on digital financial services, enhanced regulatory frameworks, and rising demand for efficient liquidity management.
Saudi Arabia Cards and Payments Market Research Report: Forecast (2025-2030)
The Saudi Arabia Cards and Payments Market is poised for substantial growth through 2030, underpinned by increasing card penetration, government initiatives promoting cashless transactions, and rapid advancements in payment technologies. Full market size projections and growth rates are detailed within the comprehensive research report.
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