Open Banking Users Number to Surge by Over 250 Percent by 2029

A new study from Juniper Research has found that total Open Banking users globally will reach over 645 million in 2029, from 183 million in 2025. This growth will be driven by strong adoption within the underwriting and identity areas.

The research identified these two segments as having high potential for monetisation via Open Banking APIs, with banks holding key transaction data and identity data that holds value to third parties, such as credit scoring bureaus and lenders. Juniper Research believes that banks must pursue data monetisation to diversify their revenue sources in a highly competitive market.

Juniper Research urges credit-scoring providers and lenders to adopt Open Banking capabilities urgently, to better serve potential customers with thin credit files. By using Open Banking APIs, lenders can assess credit worthiness by reviewing transaction data, providing greater accuracy than traditional credit scoring models and reducing the need for manual reviews.

“Lending has embraced AI, but accessing the right data via Open Banking APIs is essential to improving efficiency. Without it, lenders will start to lose out to more digitally adept competitors,” explained Nick Maynard, VP of Fintech Market Research at Juniper Research. Privacy concerns are the biggest worry for users, making customer education around the need for bank account access by lenders vital to success. Lenders must focus on navigating these concerns, which, if handled correctly, will unlock a generational shift in efficiency and risk mitigation.