Open Banking

Global Open Banking Market to Reach US$137.7 Billion by 2030

The global market for Open Banking estimated at US$34.1 Billion in the year 2024, is expected to reach US$137.7 Billion by 2030, growing at a CAGR of 26.2% over the analysis period 2024-2030. Banking & Capital Markets Services, one of the segments analyzed in the report, is expected to record a 29.3% CAGR and reach US$61.6 Billion by the end of the analysis period. Growth in the Payments Services segment is estimated at 23.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$9.0 Billion While China is Forecast to Grow at 24.6% CAGR

The Open Banking market in the U.S. is estimated at US$9.0 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$20.7 Billion by the year 2030 trailing a CAGR of 24.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 24.3% and 22.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 17.7% CAGR.

Global Open Banking Market – Key Trends & Drivers Summarized

Why Is Open Banking Transforming the Traditional Financial Ecosystem?

Open banking is redefining how financial institutions, fintechs, and consumers interact by enabling secure, consent-based access to banking data through standardized APIs. Traditionally, banks operated in closed-loop systems where customer data remained siloed and inaccessible to third-party providers. Open banking disrupts this model by allowing licensed third-party developers to access financial data—such as account balances, transaction histories, and payment capabilities—through APIs, with the customer’s permission. This shift empowers consumers with greater control over their financial information and fosters innovation across the financial services value chain. Fintech startups and neobanks can now build apps for budgeting, lending, wealth management, and payments that are smarter, faster, and more personalized than legacy banking interfaces. Governments and regulators, particularly in Europe (PSD2), the UK, and parts of Asia-Pacific, are actively promoting open banking to increase competition, reduce entry barriers, and enhance consumer choice. In doing so, open banking is not just a technology initiative—it’s a policy-backed movement driving transparency, efficiency, and financial inclusion. The rise of digital-native consumers, who expect seamless, app-based financial experiences, is further accelerating adoption. As this model matures, it’s paving the way for more collaborative, data-sharing ecosystems that benefit consumers, financial institutions, and the broader digital economy alike.

How Are APIs, Fintech Partnerships, and Data Analytics Powering Open Banking Innovation?

APIs form the backbone of the open banking ecosystem, acting as secure digital pipelines through which financial institutions and third-party providers share customer data in real time. These APIs enable a host of capabilities—from initiating payments and aggregating accounts across multiple banks to delivering personalized financial insights and credit risk assessments. With standardized frameworks emerging across markets, API development has become faster, more interoperable, and more secure. Fintech partnerships are accelerating this innovation, with traditional banks increasingly collaborating with agile startups to co-create solutions for personal finance management, embedded payments, lending, and even crypto investment integration. Advanced data analytics and machine learning are being used to derive actionable intelligence from user data, enabling hyper-personalized financial services tailored to spending habits, income levels, and life goals. These technologies are also enhancing fraud detection, identity verification, and KYC compliance. Open banking platforms now support features such as AI-powered financial advisors, automatic savings tools, and real-time loan eligibility checks—transforming everyday banking experiences. As cloud infrastructure and cybersecurity frameworks evolve, banks are adopting more scalable open banking architectures that comply with privacy regulations while supporting real-time transactions. This technical foundation is allowing financial services to move toward a model that is not only open but also intelligent, connected, and continuously evolving.

Can Consumer Expectations and Regulatory Forces Sustain Long-Term Adoption of Open Banking?

Consumer demand for transparency, personalization, and control is one of the most powerful forces driving the long-term adoption of open banking. Users now expect seamless, intuitive digital experiences from their banks—similar to what they get from social media, streaming platforms, or e-commerce apps. Open banking satisfies this demand by allowing consumers to consolidate financial information from multiple providers, receive tailored product recommendations, and manage their finances more proactively. As trust builds in secure data sharing, consumers are also warming up to sharing their data with fintechs in exchange for better services and financial benefits. From instant credit scoring and pre-approved loans to automatic investment allocations and bill management tools, the use cases are expanding rapidly. Meanwhile, regulatory pressure is also pushing financial institutions to open up their systems. In the European Union, the Second Payment Services Directive (PSD2) requires banks to allow third-party access to customer data under strict conditions. Similar initiatives are underway in markets like Australia (Consumer Data Right), Brazil, India, and Singapore. These frameworks are standardizing API protocols, enforcing security norms, and laying the groundwork for open finance, where insurance, pensions, and mortgages will be integrated into a unified ecosystem. Regulatory momentum, combined with consumer behavioral shifts, is making open banking a foundational layer in the transformation of financial services.

What’s Driving the Growth of the Open Banking Market Across Regions and Use Cases?

The growth in the open banking market is driven by several interrelated factors tied to technological readiness, regulatory support, market demand, and evolving financial behaviors. One of the core drivers is the regulatory push across regions—from Europe’s PSD2 and the UK’s Open Banking Initiative to Australia’s CDR and Brazil’s Open Finance Framework—which mandates data-sharing compliance and fosters innovation. Another key factor is the rapid digitization of financial services and the rise of mobile-first banking experiences that require data integration across accounts, apps, and services. Financial institutions are increasingly recognizing that opening their APIs not only satisfies compliance but also creates opportunities for product innovation, customer acquisition, and cross-selling through embedded finance models. The fintech boom is another critical driver, as hundreds of startups leverage open banking APIs to develop digital wallets, credit scoring tools, investment platforms, and financial wellness apps. Businesses across industries—including retail, healthcare, and travel—are embedding financial services into their platforms through open banking, fueling demand beyond traditional banking sectors. Consumers, in turn, are adopting these services due to their intuitive interfaces, real-time capabilities, and cost-effectiveness. Additionally, developments in artificial intelligence, cloud computing, and cybersecurity are enabling scalable and secure deployment of open banking infrastructures. The growing emphasis on financial inclusion is pushing open banking into underserved and underbanked populations, especially in developing markets. Collectively, these forces are driving widespread global adoption of open banking, positioning it as a central pillar of the future digital financial ecosystem.

SCOPE OF STUDY:

The report analyzes the Open Banking market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Service (Banking & Capital Markets Services, Payments Services, Digital Currencies Services, Value Added Services); Deployment (On-Premise Deployment, Cloud Deployment); Distribution Channel (App Market Distribution Channels, Bank Distribution Channels, Aggregator Distribution Channels, Distributor Distribution Channels)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 43 Featured) -

• Plaid
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TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

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APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

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