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Exploring the future of payments and open banking: A visionary outlook
Our fourth edition of the Payments and Open Banking Survey, conducted across 11 countries, arrives at a pivotal moment of dramatic change within the European payments landscape. As digital wallets and challenger banks see massive adoption, non-traditional players are gaining considerable traction. In addition, the upcoming FiDA and PSD3 frameworks will open new possibilities for open finance.
With consumers moving decisively away from cash, many are seeking an integrated financial view that facilitates the seamless management of bank accounts, cards, and pensions on a single platform. In the realm of open banking, there is a willingness to share data in exchange for benefits, with notable openness observed in Turkey, Spain, and the UK.
This report explores evolving consumer behaviors in payments, open banking, and broader banking trends, and provides four strategic areas to harness these emerging opportunities.
Navigating the new banking frontier
Payments: Uncovering the surge in non-cash transactions
Since 2018, cash preference has plummeted by over 50% in many countries, with Germany, Spain, and France experiencing significant shifts. Despite tipping point, cash preference is expected to bottom out at around 10-20%.
Open banking: Mastering the art of cross-provider transaction management
Consumers favor simple aggregation solutions, empowering seamless oversight of bank accounts, cards, and pensions. While features like loans are less prioritized, the focus is on core financial management functionalities.
Banking: Embracing non-bank innovation
Between 2022 and 2024, there is a notable consumer shift towards non-bank solutions. Key drivers include competitive pricing, lucrative rewards programs, and unrivaled convenience. Challenger banks are answering these demands with freemium accounts, creative reward options, and seamless, mobile-first experiences.
Strategic actions to harness changing trends
- 1Ensure competitiveness with non-bank offerings and wallets
- 2Leverage open banking data for personalized offerings that fit
- 3Capture the cash displacement potential and organize alternative access to cash
- 4Tailor approach to the specifics of individual markets
Mischa Koller, Ramon Papavlassopoulos and Carolin Eiting co-authored this report.
Understanding open banking and its impact
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