GITNUXREPORT 2025

Open Banking Statistics

Open banking drives growth, innovation, cost savings, and enhanced customer trust.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

Our Commitment to Accuracy

Rigorous fact-checking • Reputable sources • Regular updatesLearn more

Statistic 1

62% of consumers say open banking has improved their financial management skills

Statistic 2

55% of consumers are willing to share their banking data with third parties for personalized financial services

Statistic 3

72% of consumers who used open banking services found them more trustworthy than traditional banking methods

Statistic 4

35% of consumers prefer open banking-enabled apps for managing loans and mortgages

Statistic 5

47% of respondents in a survey said open banking makes it easier to switch banks

Statistic 6

70% of consumers are interested in open banking for account aggregation services

Statistic 7

Open banking APIs have improved data privacy control for 65% of users, according to recent surveys

Statistic 8

Customer satisfaction scores increased by 15% in banks that adopted open banking APIs, according to recent studies

Statistic 9

65% of consumers aged 18-35 prefer using open banking for financial planning compared to traditional methods

Statistic 10

The average cost savings for banks implementing open banking solutions is estimated at 15% annually

Statistic 11

68% of banks report increased customer retention due to open banking offerings

Statistic 12

Open banking is estimated to help reduce fraud-related costs by up to 25% through better data verification

Statistic 13

Open banking data helps improve credit scoring accuracy by 20% on average, according to industry reports

Statistic 14

The GDP uplift attributable to open banking initiatives in Europe is estimated at EUR 59 billion annually

Statistic 15

65% of banks report increased revenue streams due to open banking partnerships

Statistic 16

Open banking initiatives can help banks decrease operational costs by approximately 20% over five years

Statistic 17

Open banking can reduce the cost of providing financial services by up to 30%, industry estimates show

Statistic 18

Over 40% of European fintechs have directly benefited from open banking regulations in terms of funding and growth

Statistic 19

As of 2023, over 70% of banking customers in the UK have used open banking services

Statistic 20

The global open banking market is projected to reach USD 43.15 billion by 2026, growing at a CAGR of 24.4%

Statistic 21

In Europe, more than 95% of banks have adopted some form of open banking APIs by 2023

Statistic 22

Open banking reduces the time to open a new bank account from days to minutes

Statistic 23

80% of financial institutions believe open banking enhances customer experience

Statistic 24

The adoption rate of open banking APIs among European banks increased by 35% in 2022

Statistic 25

Fintech companies utilizing open banking data grew by 50% year-over-year in 2023

Statistic 26

40% of banks globally have integrated open banking into their core systems as of 2023

Statistic 27

The number of API calls made through open banking platforms increased by 150% from 2021 to 2023

Statistic 28

In the UK, open banking facilitated over 5 million user accounts and transactions by mid-2023

Statistic 29

Open banking has contributed to a 30% increase in the number of fintech startups in Europe from 2021 to 2023

Statistic 30

The adoption of open banking APIs led to the creation of over 150 new banking products in Europe in 2022

Statistic 31

45% of banking executives believe open banking will fundamentally change banking in the next five years

Statistic 32

In Asia-Pacific, open banking adoption grew by 40% in 2022, driven by regulatory initiatives

Statistic 33

Digital-only banks are 3 times more likely to adopt open banking APIs than traditional banks

Statistic 34

In Africa, open banking initiatives have increased by 25% in 2023, mainly driven by Nigeria and South Africa

Statistic 35

The global open banking payment market is projected to reach USD 22 billion by 2025, with a CAGR of 16%

Statistic 36

60% of financial advisors believe open banking will enhance cross-border financial services

Statistic 37

In 2023, 50% of European consumers used open banking for budgeting and financial planning

Statistic 38

Nearly 80% of banks implementing open banking saw increased innovation in their product offerings

Statistic 39

The number of open banking API providers in North America doubled between 2020 and 2023

Statistic 40

Open banking contributed to a 25% increase in financial product comparison efficiency

Statistic 41

55% of banking customers globally are open to using open banking apps for investments

Statistic 42

Open banking has helped reduce lending approval times by approximately 20%

Statistic 43

The number of open banking-enabled apps in Europe increased by 45% from 2021 to 2023

Statistic 44

Open banking has propelled the growth of neobanks, with over 50 new neobanks launched globally in 2022 alone

Statistic 45

30% of financial institutions in developing countries plan to adopt open banking by 2025

Statistic 46

The number of open banking partnerships between fintechs and traditional banks increased by 60% from 2020 to 2023

Statistic 47

52% of small and medium-sized enterprises (SMEs) in Europe use open banking for credit assessment

Statistic 48

Open banking has led to a 12% increase in consumer engagement with digital financial services

Statistic 49

85% of banks consider open banking significantly beneficial for their future digital strategy

Statistic 50

Open banking-enabled personal finance management apps have seen a 70% user growth in 2023

Statistic 51

The percentage of European banks with open banking APIs integrated into their core systems reached 75% by 2023

Statistic 52

40% of consumers in North America used open banking services in 2022, showing rapid adoption

Statistic 53

The number of APIs used in open banking platforms increased by 80% between 2021 and 2023

Statistic 54

Regulatory compliance costs for banks have decreased by 10% due to open banking frameworks

Statistic 55

The number of open banking-related patent filings increased by 25% in 2023, indicating rising innovation activity

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Sources

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Key Highlights

As of 2023, over 70% of banking customers in the UK have used open banking services
The global open banking market is projected to reach USD 43.15 billion by 2026, growing at a CAGR of 24.4%
In Europe, more than 95% of banks have adopted some form of open banking APIs by 2023
62% of consumers say open banking has improved their financial management skills
Open banking reduces the time to open a new bank account from days to minutes
80% of financial institutions believe open banking enhances customer experience
The adoption rate of open banking APIs among European banks increased by 35% in 2022
Fintech companies utilizing open banking data grew by 50% year-over-year in 2023
55% of consumers are willing to share their banking data with third parties for personalized financial services
40% of banks globally have integrated open banking into their core systems as of 2023
The number of API calls made through open banking platforms increased by 150% from 2021 to 2023
In the UK, open banking facilitated over 5 million user accounts and transactions by mid-2023
72% of consumers who used open banking services found them more trustworthy than traditional banking methods

Open banking has revolutionized the financial landscape, with over 70% of UK banking customers having used its services by 2023 and the global market projected to reach over USD 43 billion by 2026, driving unprecedented innovation, efficiency, and consumer trust across the world.

Consumer Behavior and Preferences

62% of consumers say open banking has improved their financial management skills
55% of consumers are willing to share their banking data with third parties for personalized financial services
72% of consumers who used open banking services found them more trustworthy than traditional banking methods
35% of consumers prefer open banking-enabled apps for managing loans and mortgages
47% of respondents in a survey said open banking makes it easier to switch banks
70% of consumers are interested in open banking for account aggregation services
Open banking APIs have improved data privacy control for 65% of users, according to recent surveys
Customer satisfaction scores increased by 15% in banks that adopted open banking APIs, according to recent studies
65% of consumers aged 18-35 prefer using open banking for financial planning compared to traditional methods

Consumer Behavior and Preferences Interpretation

Open banking is revolutionizing financial management—empowering consumers with enhanced trust, personalized services, and greater control, as evidenced by the majority's willingness to share data, their preference for open banking apps, and the notable uplift in customer satisfaction, especially among younger users.

Financial Performance and Benefits

The average cost savings for banks implementing open banking solutions is estimated at 15% annually
68% of banks report increased customer retention due to open banking offerings
Open banking is estimated to help reduce fraud-related costs by up to 25% through better data verification
Open banking data helps improve credit scoring accuracy by 20% on average, according to industry reports
The GDP uplift attributable to open banking initiatives in Europe is estimated at EUR 59 billion annually
65% of banks report increased revenue streams due to open banking partnerships
Open banking initiatives can help banks decrease operational costs by approximately 20% over five years
Open banking can reduce the cost of providing financial services by up to 30%, industry estimates show
Over 40% of European fintechs have directly benefited from open banking regulations in terms of funding and growth

Financial Performance and Benefits Interpretation

Open banking is proving to be a financial game-changer, slashing costs by up to 30%, boosting revenue and customer retention for banks, while fueling a €59 billion GDP uplift in Europe—making it a win-win for both institutions and the economy, and sharpening the competitive edge in an increasingly digital landscape.

Market Adoption and Usage

As of 2023, over 70% of banking customers in the UK have used open banking services
The global open banking market is projected to reach USD 43.15 billion by 2026, growing at a CAGR of 24.4%
In Europe, more than 95% of banks have adopted some form of open banking APIs by 2023
Open banking reduces the time to open a new bank account from days to minutes
80% of financial institutions believe open banking enhances customer experience
The adoption rate of open banking APIs among European banks increased by 35% in 2022
Fintech companies utilizing open banking data grew by 50% year-over-year in 2023
40% of banks globally have integrated open banking into their core systems as of 2023
The number of API calls made through open banking platforms increased by 150% from 2021 to 2023
In the UK, open banking facilitated over 5 million user accounts and transactions by mid-2023
Open banking has contributed to a 30% increase in the number of fintech startups in Europe from 2021 to 2023
The adoption of open banking APIs led to the creation of over 150 new banking products in Europe in 2022
45% of banking executives believe open banking will fundamentally change banking in the next five years
In Asia-Pacific, open banking adoption grew by 40% in 2022, driven by regulatory initiatives
Digital-only banks are 3 times more likely to adopt open banking APIs than traditional banks
In Africa, open banking initiatives have increased by 25% in 2023, mainly driven by Nigeria and South Africa
The global open banking payment market is projected to reach USD 22 billion by 2025, with a CAGR of 16%
60% of financial advisors believe open banking will enhance cross-border financial services
In 2023, 50% of European consumers used open banking for budgeting and financial planning
Nearly 80% of banks implementing open banking saw increased innovation in their product offerings
The number of open banking API providers in North America doubled between 2020 and 2023
Open banking contributed to a 25% increase in financial product comparison efficiency
55% of banking customers globally are open to using open banking apps for investments
Open banking has helped reduce lending approval times by approximately 20%
The number of open banking-enabled apps in Europe increased by 45% from 2021 to 2023
Open banking has propelled the growth of neobanks, with over 50 new neobanks launched globally in 2022 alone
30% of financial institutions in developing countries plan to adopt open banking by 2025
The number of open banking partnerships between fintechs and traditional banks increased by 60% from 2020 to 2023
52% of small and medium-sized enterprises (SMEs) in Europe use open banking for credit assessment
Open banking has led to a 12% increase in consumer engagement with digital financial services
85% of banks consider open banking significantly beneficial for their future digital strategy
Open banking-enabled personal finance management apps have seen a 70% user growth in 2023
The percentage of European banks with open banking APIs integrated into their core systems reached 75% by 2023
40% of consumers in North America used open banking services in 2022, showing rapid adoption
The number of APIs used in open banking platforms increased by 80% between 2021 and 2023

Market Adoption and Usage Interpretation

With over 70% of UK banking customers embracing open banking and the market set to hit USD 43.15 billion by 2026, it's clear that open banking is not just a technological upgrade but a seismic shift transforming customer experience, financial innovation, and cross-border services at a rapid pace across the globe.

Regulatory Impact and Compliance

Regulatory compliance costs for banks have decreased by 10% due to open banking frameworks

Regulatory Impact and Compliance Interpretation

A 10% drop in regulatory compliance costs underscores how open banking not only opens data doors but also locks down unnecessary expenses for banks.

Technology Development and Innovation

The number of open banking-related patent filings increased by 25% in 2023, indicating rising innovation activity

Technology Development and Innovation Interpretation

The 25% surge in open banking patent filings in 2023 signals a burgeoning wave of innovation sweeping through the financial sector, as companies scramble to stake their claim in the future of digital banking.