Juniper Research recently published a report indicating that Open Banking is projected to grow beyond $330 billion by 2027. The report emphasizes the importance of educating consumers as a driving force behind the market growth in this sector, as well as the significance of new use cases in order to achieve the full potential of Open Banking.
Following the Juniper Research findings on Open Banking’s projected growth, Brian Hanrahan, CEO, Nuapay (an EML Payments business) commented:
“Open Banking has seen tremendous growth in the last five years, reaching 6.5 million active users by the end of 2022, and momentum continues to build. As the UK economy continues to navigate through challenging times, Open Banking will showcase its worth and, as projected by Juniper Research, the industry will be worth over $330 billion by 2027.
“Consumer preferences will be a huge driver for Open Banking’s adoption. As more utilise digital financial services and look for better methods to make payments and manage their finances – the flexibility, control and convenience provided by Open Banking will drive demand.
“For businesses, Open Banking powered payments ensure instant settlement of funds and reduced service fees, improving cashflow. With further education and use cases, we’ll see Open Banking evolve into Open Finance, which will enable access to a customer’s entire financial footprint. With this next step and further regulatory frameworks, we are heading towards a financial services ecosystem fit for today’s needs.”
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