The Juniper Research report noted that Open Banking has “been revolutionary for TPPs; helping them extend the scope of their offerings beyond just banking and into other areas with enhanced capabilities.”
According to Juniper Research, Open Banking is “also advantageous for banks, despite the perceived loss of custodianship over their data, by providing greater accessibility to banking services.”
Furthermore, Open Banking can “help serve big tech, with these companies able to leverage Open Banking to create tailored services according customers’ preferences and/or economic limitations; converting themselves into smaller-scale FI-like organizations.”
As mentioned in the report from Juniper Research:
“Since traditional banking products and services are made more convenient by TPPs via greater data access, customers can proactively manage their finances and shape the development of new financial offerings. This is particularly noticeable in the realm of digital payments, where merchants and customers transact through eCommerce, which has the greatest number of use cases for Open Banking. These include supporting new forms of currencies (eg cryptocurrencies), as well as other transaction mediums, such as digital wallets and cards.”
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