Open Banking 2021 – Report By MEDICI

Open Banking has been a catalyst for evolution in the financial industry. It has given consumers more control over their financial lives and has created a new wave of competition in the financial ecosystem.

In this article, we bring you a synopsis from our latest report—Open Banking 2021. The report deep dives into the evolution of Open Banking, the global landscape, evolving business models, funding, new initiatives, and more! 

Parameters for the Implementation of Open Banking

Some of the key parameters are technology, consumer centricity, business deals, partnerships, and data management and analysis.

To know more, download the full report.

Players in Open Banking: Segmented By Business Models 

The leading business models include white label platforms, BaaS, and API Stores:

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Open Banking: Global Outlook 

The year 2020 can be considered a milestone year for the Open Banking sector. Funding numbers rose 73% compared to the numbers in 2018. Marqeta’s $150 million Private Equity funding that year played a crucial role.

In Asia, Razorpay, Zeta, and Open, among other firms, raised over $386.9 million in various rounds over the past two years.

All these activities highlight Asia as a growing hotspot for Open Banking. We estimate that the trend of increasing funding will continue in 2021 as well.

Year-Wise Funding (Mn, $) 2018–2021*

Note: The funding analysis is as of April 5, 2021. We have not considered funding received by API Stores from traditional/neobanks/challenger banks as part of this analysis. This does not include corporate rounds, private equity, and unknown venture series.

To know more, download the full report. 

New Partnerships and the Road Ahead

Many traditional/challenger banks have realized that they need to be proactive in their approach toward collaborating with FinTech for Open Banking.

In the report, we have highlighted 32 such partnerships between traditional banks and FinTech. 

Some FinTechs leading the partnership race with banks are Tink, Plaid, Railsbank, Nordic API Gateway, and Solarisbank. On the other hand, partnerships between FinTech companies have also been increasing where segment-specific Fintechs are relying on Open Banking startups for data exchange.

To know more, download the full report. 

About the Report

Open Banking is no longer a concept; it is serious business. It is catching all the attention in the financial world. The Open Banking 2021 report presents an in-depth analysis of the drivers and inhibitors in the space, strategic value, and top parameters that play a vital role in the implementation of Open Banking. 

What to expect from the report? 

Open Banking is definitely a catalyst for the evolution of the financial industry. It has given consumers more command over their financial lives and created new competition among players. Open Banking helps to connect traditional banks with modern-day FinTech companies. 

This report delves into all this and more.

Grab your copy of the full report here.