From Open Banking to Open Data Economies (Tink)

Summary

• Financial executive sentiment towards open banking increased from 55% in 2019 to 71% in 2021, with 83% agreeing it is a revolution for the industry.p.6
• By the end of 2021, the European Economic Area and UK together counted 524 authorised AISPs and PISPs, up 16% from the previous year.p.13
• By February 2022, no more than 11 accredited data recipients were active under Australia's Consumer Data Right framework.p.28
• Nearly 3 out of every 4 digital loans granted in Germany leverage account information for credit assessment processes.p.30
• The Banking-as-a-Service market represents close to $6 billion in spending in Europe and approximately $2.5 billion in the UK.p.39
• Tink connects to more than 3,400 banks reaching over 250 million bank customers across Europe.p.47

Key insights

1. A total of 83% of surveyed financial executives perceive open banking as an industry revolution rather than a simple evolution.p.6
2. Authorised third-party providers across the EEA and UK reached 524 by the end of 2021.p.13
3. Variable recurring payments allow payment initiation service providers to execute sweeps without requiring repeated manual authentication steps.p.19
4. In Germany, nearly 3 out of every 4 digital loans leverage account data for credit scoring.p.30
5. India's Unified Payments Interface recorded a 173% year-over-year growth in volume and value during 1Q21.p.30
6. Cash payments in Sweden were projected to account for less than 2% of total transactions in 2021.p.32
7. In Istanbul, startups and fintechs raised $509 million across 62 deals during 1Q21.p.33
8. The Banking-as-a-Service spending opportunity is estimated at close to $6 billion in Europe.p.39