That’s the bold claim made by Rolands Mesters, CEO and co-founder of Nordigen, a company that specializes in Open Banking data access and analytics. The claim does have credibility however, in that we discovered seven alternative payment solutions in our February Viewpoint A Lesson for the U.S: How EU Open Banking APIs Have Stabilized to Support Alternative Networks, and new data aggregation and analytics suppliers seem to be announced every week. This is how Rolands breaks out where that 5% will come from:
“The potential value that could be created by open data for finance is huge. Not only will economies that adopt open data ecosystems see GDP growth of up to 5 percent by 2030, but all participants of such an ecosystem would reap the benefits. In Europe, 17% of this new value will be captured by individual participants through improved products and increased access to financial services, 45% of the value will be captured by financial institutions through increased operational efficiency and improved work allocation, and 37% of the value will be captured by SMEs through saved time and improved product offerings. SMEs happen to make up 99% of businesses in Europe, meaning that open financial data could completely transform how the European business market looks like today.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
