Over the past few years, the growth of digital payments, including digital wallets and open banking, has been nothing short of exponential.  

According to Open Banking Ltd UK data, In 2020, there were around 1 million open banking users - however since June 2024, there are 11.4 million active users in the UK alone. 

According to market research from McKinsey, the open banking sector is expected to continue this robust growth trajectory, with global adoption rates increasing significantly.  By 2030, Open Banking is forecasted by McKinsey to potentially generate up to $250 billion in revenue globally, driven by advancements in API technology, data analytics, and consumer demand for more personalised financial services. 

In this discussion, Phoebe Zhou will consider: 
-    The factors contributing to the global growth of open banking
-    Key trends in this space
-    How financial institutions and PSPs can work together 
-    How businesses can ensure their customers can benefit from this
-    How a smooth end to end journey can benefit merchants as well as consumers
-    Insights into HSBC’s digital innovation in this area through the launch of HSBC Omni Collect.