In what probably comes as a surprise to no one – the pandemic impacted many financial institutions’ budgets, leading to an average open banking spend of €32 million across Europe.
That being said, 47% report open banking budgets are on the upswing in 2021 – which seems to track with our finding on the use cases front. A majority of bankers highlighted several opportunities as ‘very’ or ‘extremely’ important for their business.
So, where’s all that money going? It was a tight race, but payment initiation services stuck out as the top choice for 72% of executives. Out of the 14 use cases outlined in the report, the one that ranked lowest was still selected as a priority for 62% of respondents – which goes to show just how much interest there is, and for a wide range of opportunities.
The report also covers:
Which segments have seen a biggest increase in their open banking budgets
A deep dive into the use cases outlined in the report, and how priorities differ for some segments
How open banking is blurring the boundaries between industries, and giving rise to new market entrants
Check our report page for a deeper dive into the results:
Discover the open banking solutions that are leading to a new world of finance.
What lies ahead for the future of open banking? Five Money 20/20 quotes from Visa Europe CEO, Charlotte Hogg
The democratisation of financial data is opening up new opportunities. Find out how to harness its power with open banking in our latest article.