Open Banking Report 2021

Open Banking Report 2021 follows the race for relevance in banking, how Open Banking inches closer to Open Finance and Open Data Economy, and provides key insights about how Open Banking reinvents business models

As the world struggles to return to a pre-pandemic state, we sat down with industry experts to track the progress in innovation, changes in customer behaviour and education, regulation influence over the market, and the status of competition in different verticals. All this allowed fintechs and financial institutions to set aside their differences and stand together for the common good: improving the customer experience through new and innovative solutions.

Structured in nine comprehensive chapters, the Open Banking Report 2021 analyses the regulation-driven and market-driven global landscape, addresses consumer education, embedded finance, Banking-as-a-Service, how Open Banking revolutionises payments, monetisation models, unlocking new business- and consumer-value. Also, the report features two mappings, one of key solution providers present inside our report and one with key Open Banking players from across the industry.

Some of the key topics discussed by the experts featured in our report:

• The state of Open Banking across the globe and who drives Open Banking? The market or regulations – Editorials from Konsentus, ETPPA, Deutsce Bank, European Banking Association (Europe), VoPay (Canada), FDATA North America, Okra (Nigeria), TecBan, Itau Unibanco (Brazil), Spiralem (Latin America), Finantier (Southeast Asia), Kapronasia (Asia), MAS, UOB, Brankas (Singapore), EY Asia-Pacific OBIE (UK), King & Wood Mallesons (Australia), The Digital Fifth (India)
• Consumer education, data, and digital readiness – Insightful contributions from Mambu, INNOPAY, Banco Comercial Português, and Euro Banking Association
• How Open Banking drives payments innovation – Key editorials from from Trustly, TrueLayer, Token, American Express, Worldline, Volt, Form3, OpenPayd, Plaid, Yolt Technology Services 
• Going beyond Open Banking – Editorials from Moneyhub, BBVA, The Paypers, Holland FinTech, Open Future World, Accenture and INNOPAY address how Open Banking, Open Finance, and Open Insurance can influence and improve consumers’ lives
• The promise of Embedded Finance and Banking-as-a-Service – Simon Torrance, 11:FS, and Cross-River share the most juicy benefits. 
• Open Banking new business and monetisation models – Sensedia, Aite-Novarica Group, INNOPAY, NatWest, ING, Societe Generale, discuss the value proposition of Open Banking
• How to unlock the value for businesses and consumers – Klarna, LUXHUB, finleap connect, The Paypers, Nordea, Citi, and Digital Identity Net discuss the top use cases of Open Banking
• Authentication, authorisation, and managing risk - HID Global on how to balance user experience and security, EY Fraud Technology and Operations on how to secure Open Banking, Ghela Boskovich on SCA and 90-day reauthentication

Moreover, for this year’s edition of the Open Banking report, we have updated our key infographic and industry mapping of solution providers in Open Banking with new names, to prove that we are aware of every key player from the Open Banking industry. This is the result of active discussions with relevant companies, our constant lookout on the market, and feedback we received from players on our previous editions. 

Our updated global industry mapping delineates 9 core categories in Open Banking, as follows: 

• Open Banking enablers
• API connectivity for payment initiation
• API connectivity for data retrieval & value-added data solutions and services 
• Consent management
• TPP checking & repository
• End-user solutions and propositions
• Fraud/risk/security
• Banking-as-a-Service
• Digital core banking infrastructure/platform

The Report is endorsed by leading industry associations and consultancies such as Holland FinTech and INNOPAY.

We greatly appreciate your feedback! 

Once you have had a chance to download and go through our Report, we would be more than happy to receive your opinions and suggestions. Please feel free to drop us a line at any time at editor@thepaypers.com