Open banking is a revolutionary technology that allows banks to securely share customers' financial data with third parties through APIs, enabling new financial services. It is predicted that open banking will significantly reshape the banking industry as its use and revenue grows substantially, generating $7.29 billion in 2018 and expected to reach $43.15 billion by 2026. Open banking merges FinTech with traditional banks by standardizing how customer data can be accessed and used across different services on the internet.

4. • Open banking is a revolutionary technology that
merges together FinTech and conventional banks by
enabling data sharing across networks through APIs.
Open banking helps banks realize their data in a
secure and standardized form on a shared basis
between authorized services providers over the
internet. .
• Prominent industry players predict that open banking
technology will play a critical role in reshaping the
banking industry as we know it. Reportedly, in 2018,
open banking generated $7.29 billion in revenue, which
is expected to reach $43.15 billion by 2026.