WhiteSight

The State of Open Finance (H1 2024)

July 11, 2024

The State of Open Finance (H1 2024)

Open banking was first introduced in the UK in 2018 and followed by Australia in 2019. Since then, open banking has become a global phenomenon, with regulators from various countries fully committing to its introduction and supporting its adoption. As open banking reshapes financial ecosystems worldwide, Whitesight presents a comprehensive report for 2024, offering a detailed overview of the latest developments and trends in the open banking landscape. This one-stop report provides essential insights into how open banking is evolving globally.

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Description

“The State of Open Finance (H1 2024)” report delves into the heart of this dynamic landscape, offering comprehensive insights for businesses looking to leverage this powerful trend. Here’s a preview of what the report includes:

  • Diverse Use Cases: The scope of open banking now encompasses a multitude of functionalities. For payments, it supports Variable Recurring Payments (VRPs), loan repayments, donations, and remittances. For data sharing, it facilitates credit decisioning, fraud detection, account verification, subscription management, and insurance processes.
  • Industry Expansion: Open banking has ventured beyond traditional finance into sectors such as gaming, gambling, and e-commerce, demonstrating its versatility and wide-ranging applicability.
  • The Power of Partnerships: We reveal how collaborations between fintechs and traditional financial institutions are pushing boundaries. From credit unions partnering with fintechs for secure data access to insurtechs and wealthtechs offering specialised products, these partnerships are driving the next wave of financial innovation.
  • Funding Trends and M&A Activity: Gain valuable insights into the funding trends fueling the open finance revolution. We also analyse recent mergers and acquisitions, highlighting a maturing market ripe with opportunities for strategic investments and capability enhancement.

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