Q3 2022 Open Banking/Open Finance Trends: new report released

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Q3 2022 Open Banking/Open Finance Trends: new report released

4 min read

Updated at Thu Jul 21 2022

Q3 2022 Open Banking/Open Finance Trends: new report released

Who should read this:

Banks, fintech, financial inclusion advocates, regulators, anyone with an interest in how open banking and open finance ecosystems can grow to benefit everyone.

What it’s about:

An overview of key trends and development in the open banking and open finance ecosystems worldwide in Q2 2022.

Why it’s important:

Open banking and open finance ecosystems are becoming the world’s digital financial infrastructure. This report provides an overview of the current state of development in the open banking and open finance ecosystems worldwide

At Platformable, we have just released our Q3 2022 open banking trends report which describes how the global open banking and open finance ecosystems unfolded during Q2 2022. The report focuses on:

key enablers such as regulatory environment and consumer readiness,
key growth indicators such as number of open banking platforms, API products, and fintech apps built, and
key maturity indicators such as API product mix and business models being experimented.

It also highlights some open banking platform promising practices and fintech/fintech platforms that have been able to leverage the open banking and open finance rails to create innovative solutions for real needs.

The report is anchored on our open banking value model, data taxonomies for key data model elements, and ongoing data collection.

Key take-away points

Trends observed in Q2 2022

The global financial service infrastructure reached 1,578 open banking platforms creating 5,564 API products, and 2,854 API-enabled fintech apps at end-Q2 2022. Regulations are emerging, standards help accelerate fintech participation, and consumers are demanding digital solutions.
Banks are experimenting with introducing some new business models to capture new revenue opportunities enabled by open banking, but are often still quite risk averse. Banks still favour models where they can own the relationship, with either customers or partners. Banco do Brasil and TBC Bank are highlighted as two promising open banking platform practices in terms of commitment to open finance (and wider open economy) and developer experience best practices.
API-enabled fintech are still reluctant to target specific markets and are instead predominantly offering generic payment, digital banking and account keeping solutions targeting SMEs and individuals/households. We see new features and business strategy directions often still being decided based on which prospects are reaching out and showing interest to these emerging fintech players. Finansystech and fena are highlighted as two fintech and open finance platform providers that see the opportunities in leveraging open banking data to identify new features that could enable solutions in end-user facing product offerings.

Source: Platformable Open Banking/Open Finance Trends Report Q3 2022 (July 2022 edition)

Open Banking-Open Finance or Innovation Lead at a Bank

How this report can be used

Banks can assess regulatory impacts and learn about emerging business models, API product offerings by peers and solutions being built by third party fintech to identify opportunities to create functionalities for viable use cases.

Fintech Platform Provider

How this report can be used

Fintech platform providers can assess what business models are being used in open banking, and trends in successful relationship management between fintech and banks to identify new market expansion opportunities.

Fintech Associations

How this report can be used

Fintech can assess the overall development of open banking and open finance, fintech participation and values/impacts it is having on broader economy and society (economic disparity, climate change etc) to identify business and product opportunities.

API tool providers and consultants

How this report can be used

API providers can stay up to date with current trends in how banks and fintech are adopting open banking and open finance technologies to assess prospects’ feature needs and identify opportunity gaps for their API tooling solutions.

Regulators

How this report can be used

Regulators can keep up to date with how open banking and open finance is being implemented in other jurisdictions, success factors and remaining challenges, to help formulate the most suitable framework for their own jurisdiction.

Financial inclusion advocate

How this report can be used

Financial inclusion advocates can assess the overall development of open banking and open finance, and whether these APIs are actually enabling the creation of new products and features that specifically address the needs of the underserved.