Global open banking market set to hit $43.15bn by 2026

The global open banking market is projected to reach $43.15 billion by 2026, up from $7.3 billion in 2018, according to a recent report from Allied Market Research, growing six-fold in eight years. Open Banking is a technology-powered practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of Application Programming Interfaces (APIs). It is also known as ‘open bank data’.