Open Banking Forum unveils future of $22.5tr global financial industry

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), according to Investopedia. It is also known as ‘open bank data’.
The 2nd Open Banking Forum touches on the changes in the global financial services market that is expected to grow at 9.9 per cent from $20.49 trillion in 2020 to $22.51 trillion in 2021 and $28.52 trillion in 2025, according to Research