While there is plenty of excitement about its potential, in reality the take-up of open banking by end users globally is still relatively slow and will require greater standardization and target market education before it delivers.
According to Allied Market Research, the open-banking market will grow by around a quarter every year between 2018 and 2026. However, there is a lot of work to be done before it becomes ubiquitous, even in the most mature markets.
The first challenge is one of standardization.
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