A recent Moneywise survey in the UK found that 73% of bank account holders would not use Open Banking services.
However, this also means 27% of the population would. On the assumption that the survey figures hold true across Europe, I decided to crunch the maths.
According to latest European banking data, there are 540 Million European current account holders. This would equate to almost 146 Million people willing to use Open Banking services based on the survey results.
In 2016 Yodlee, one of the world’s biggest screen scrapers, announced they had acquired 21 million global customers prepared to give away their bank credentials to Yodlee. Each of those customers performed approximately 2 transactions a day resulting in fifteen
billion transactions annually.
On the assumption that a typical Open Banking customer would perform the same 2 daily transactions, this equates to over 107 billion transactions a year across Europe.
Like many passionate about Open Banking, I would be pretty pleased if these numbers work out to be true.
Below are links to the articles I used as part of my research.
http://www.ebf.eu/facts\_and\_figures/structure-and-economic-contribution-of-the-banking-sector/
https://www.yodlee.com/blog/envestnet-yodlee-helps-financial-institutions-leverage-data-intelligence-increase-competitive-advantage/
https://www.moneywise.co.uk/news/2018-01-30/i-wouldnt-use-open-banking-say-three-four-moneywise-users