Global state of open finance 2023

Summary

The Global State of Open Finance 2023 report provides a comprehensive analysis of how open finance is reshaping the financial services landscape worldwide. Building on the foundations of open banking, the report explores the expansion into new business models such as banking-as-a-service (BaaS), embedded finance, and data monetization. It examines how banks, fintechs, and technology platforms are leveraging APIs to create seamless integrations, drive innovation, and unlock new revenue streams. The report addresses key questions, including: What are the main drivers accelerating open finance adoption? How are regulatory and market initiatives shaping the maturity of open finance across different countries? What opportunities exist for embedded finance and data-driven services? Which factors are critical for success in this evolving ecosystem? The report also introduces a global open finance maturity index, evaluating 32 countries based on regulatory frameworks and market-led innovations. It details the roles of regulatory sandboxes, API management, and developer platforms in supporting secure, scalable financial ecosystems. Additionally, the report outlines the imperatives for banks and financial institutions to thrive, such as IT modernization, robust data strategies, and building strong partner ecosystems. This resource is essential for industry leaders seeking to understand the global trends, challenges, and opportunities in open finance, and to benchmark their strategies against leading markets and innovators.