Open banking: triggering new possibilities

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Summary

Open banking is reshaping how financial institutions share data, build products, and compete, accelerating across global and Asia-Pacific markets as banks shift from building every service internally to curating third-party apps, analytics, and marketplace offerings around a trusted core platform.

Four drivers anchor this shift: evolving customer willingness to share personal and location data in exchange for better pricing and service; intensifying competition from technology giants and fintech entrants offering embedded financial products; regulatory initiatives worldwide pushing standardised open API frameworks, particularly around payments and account information; and rising smartphone and mobile connectivity penetration creating the infrastructure conditions open banking depends on.

Europe's more mature open banking regulatory environment contrasts with Asia-Pacific markets still building out their frameworks, while fintech investment activity, particularly in markets like India, reflects the scale of opportunity open data-sharing regimes are creating for challengers and incumbents alike. Where the next wave of value creation is likely to emerge, and which verticals beyond core banking stand to benefit most, closes out the picture.

  • Four structural drivers behind open banking's global acceleration
  • Comparative maturity of open banking regulation across regions
As banks shift from builders to curators of financial services, who captures the value open banking creates?

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