Since the implementation of PSD2 in 2018, open banking has gained significant traction across Europe. By 2020, approximately 12.2 million Europeans were utilising Open Banking services, accounting for nearly half of the global user base at that time.
In 2023, the European open banking market generated approximately USD 9.28 billion in revenue. Projections indicate this will rise to USD 44.9 billion by 2030, reflecting a compound annual growth rate (CAGR) of 25.3% from 2024 to 2030
While the UK leads in Open Banking adoption, other European regions are making significant strides:
Nordic Countries: Denmark, Norway, and Sweden are recognised for their advanced digital infrastructures and high consumer readiness, positioning them as leaders in open banking implementation.
Germany and France: These nations are enhancing their API standards and regulatory frameworks to foster open banking growth.
Emerging Markets: Countries like Lithuania and the Netherlands are also progressing, focusing on consumer awareness and regulatory improvements.
Open banking in Europe is poised for continued growth, with projections indicating a 470% increase in API requests by 2027, reaching 580 billion globally. Europe is expected to drive 70% of this growth, solidifying its position as a global leader in open
banking innovation.
Open banking can be used in a variety of impactful ways across Europe, benefiting consumers, businesses, and financial institutions alike.
As regulatory frameworks evolve and consumer awareness increases, open banking is set to further revolutionise the financial services industry, promoting transparency, competition, and customer-centric solutions across Europe.
