When the financial industry talks about Open Banking, the conversation quickly boils down to technical details: APIs, standards, regulatory requirements. But behind that lies a much bigger change. It’s a question of who owns your financial data and who has the right to use it.
Market Status
If you look at the numbers superficially, Open Banking looks like a successful technology. In the most mature markets, in the UK, EU countries, Australia, about 20% of consumers and small businesses are already actively using the benefits of open data. This is not a niche story for techies, these are millions of real people who aggregate accounts, get instant loans and pay without a card.
But there is another side to the same coin. In markets where the regulatory framework is still in its infancy, this figure barely reaches 11%. The difference between 20% and 11% is not a difference in technology or demand. It is a difference in whether there are clear rules of the game. Where the regulator has given an answer, the market is moving. Where there is still no answer, business is waiting.
A separate point of pressure is the cost of transactions. A2A payments through Open Banking allow fintech providers to offer merchants fees that are 40–85% lower than with card acquiring.
But these two figures together (20% in mature markets and a huge price gap) say the same thing, Open Banking is already working, and it has not even started yet. The growth potential is enormous. And it is realized not gradually, but in leaps and bounds every time the next regulator gives the market clarity.
The main challenge
The biggest obstacle to Open Banking is not technology or regulation. This is trust.
“We are now seeing the stage of standards formation. The main obstacle for Open Banking today is the issue of security and trust. Card systems have taught us that any problem with a transaction can be solved through the bank. Until open banking has the same clear mechanism for protecting consumer rights, it will not be able to become a full-fledged replacement for traditional cards for the mass user.” — Artem Lyashanov, transaction business expert
This is an honest assessment. A2A payments are cheaper, instant and more efficient, but they do not have chargeback. For the mass user, the ability to return money is not a trifle, it is basic confidence. Without an equivalent protection mechanism, Open Banking will remain a niche tool for advanced users.
Where is the real value
Companies that look at Open Banking only as a threat to commission income are asking the wrong question. The question is not “how to protect the transaction model”, but “what becomes possible when you have data”.
“Payment companies should stop seeing Open Banking as a threat to transactional revenue. In fact, it is a tool for the transition to intelligent money management. The value is not in the transaction itself, but in the data that helps this transaction happen faster, cheaper and more securely.” — Artem Lyashanov
The real competition will unfold not for who will conduct the transaction, but for who will help the client understand their finances, make better decisions, automate routines.
Open Banking is an infrastructure shift that is happening right now. And the companies that understand it first will gain an advantage that will be very difficult to catch up with later.
Editorial Principles
Every figure in this material is checked against public regulator reports and industry benchmarks. Where security and identity questions come up, we reference recommendations from sources such as NIST, ENISA and ISO/IEC 27001 guidance, and we separate verified data from expert opinion.
- Source checks. Market statistics are cross-referenced before publication, and outdated data is replaced.
- Clear attribution. Quotes and expert views are marked as opinions, never as established facts.
- Practical focus. We explain what changes for businesses and consumers, not only what the technology does.