The term "Open Banking" now represents not just a relationship but a reshaping ecosystem. In the past, the static relationships between banks and customers have become dynamic, and this transformation not only involves two parties and a third player entering the stage, but also signifies a new era where all players establish multiple relationships among themselves.
Data has shown that Open Banking creates common benefits and provides ease of use for all parties involved. It has proven to be an effective way to reach the population (2 billion people worldwide) that the banking system has not been able to reach or include. In the long term, different solutions that can be introduced through Open Banking are already beginning to emerge.
Important footnotes from a report by Paypers, an independent news source based in the Netherlands, provide valuable insights into the future of Open Banking and how it is reshaping business models:
- The number of Open Banking users worldwide is expected to increase by an average of 50% annually between 2021 and 2024. As of 2020, there were 24.7 million people using Open Banking services globally. It is estimated that this number will reach 132.2 million by 2024.
- The Open Banking ecosystem is gaining 400,000 new users in Latin America, 600,000 new users in North America, and 2.6 million new users in the Far East, indicating that the sector is growing not only in Europe but on every continent. However, EU countries are expected to maintain their leadership in the foreseeable future.
- Adoption statistics of Open Banking indicate that this service has consistently become a catalyst in the evolution of the entire financial sector. With the introduction of new regulations, it is seen that banks will benefit the most. Thanks to their massive user base and the existing foundation for providing financial services, the transition from the traditional model to the Open Banking model will require much less effort.
