The global open banking market size was USD 13.77 billion in 2022 and is expected to register a rapid revenue CAGR of 22.8% during the forecast period. Open banking is a secure and efficient way to transfer money and provide third-party financial service providers access to consumer data, and is witnessing remarkable developments with the adoption of innovative technologies like Artificial Intelligence (AI) and the Internet of Things (IoT). AI’s impact on the banking sector is profound, enhancing efficiency, speed, and data analysis capabilities, while IoT technology is aiding digital transformation, enhanced data privacy, and customer experiences. Digital wallets are leading the way in e-commerce, but challenges such as data inconsistency and data protection remain.
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