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Open Banking API calls to grow 470% globally by 2027

A new study has found that Open Banking usage will grow by 470% over the next 4 years, with the total number of API (Application Programming Interface) calls generated via Open Banking to exceed 580 billion by 2027, from only 102 billion in 2023.

Open Banking

OB API calls to grow 470% globally

Strong interest in new Open Banking-based services, such as PFM (Personal Financial Management) tools and account access for underwriting for loans & credit, is driving this growth, as users seek to gain better control of their finances across different accounts, exacerbated by the impact of the cost-of-living crisis.

The study found that, given Open Banking’s low consumer awareness, infrastructure vendors must work with the wider ecosystem to fully educate users and ensure they understand the benefits that sharing data can bring.

Europe leading Open Banking deployments

  • Europe’s share of API calls predicted to be 70% of the global total in 2027.
  • Europe has the best-established set of API connections of any region, having deployed OB rails as part of PSD2.
  • Deployments are now becoming more advanced and covering a greater number of banking services than ever before, such as credit cards or mortgages, creating significant opportunities for vendors to explore.

“Europe has led the way on Open Banking, and is an example of how regulator-led approaches can stimulate innovation,” says research co-author Nick Maynard.

“As a well-established market, Europe’s growth rate will dip compared to others, but it will still serve as an innovation hub for Open Banking development.”

Latin America represents massive growth opportunity

  • Latin America’s number of API calls is set to grow by over 1,270% between 2023 and 2027; generating significant opportunities.
  • Broader access to APIs and stronger consumer awareness will drive growth, as well as additional roll-outs, such as within Colombia.


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