How Open Banking is Revolutionizing the Financial Services Industry

Explore how Code, Capital, and Change are reshaping financial services—and why engineering intelligence, adaptability, and value flow are the future of transformation. Discover the 3Cs.

Today, for forward-looking financial institutions, Open Banking is a platform model that unlocks new revenue streams, expands customer reach, and accelerates innovation.

Banks are realizing that the real value of Open Banking is in the economics they enable. The Open Banking market is projected to grow from $28.2 billion in 2024 to over $127 billion by 2033, at a CAGR of 19.2%. This explosive growth is fueled by institutions embracing new digital financial services and customer-centric business models.

Why Open Banking Now Means Growth

Open Banking is gaining momentum because it delivers real business value. 

Banks adopting Open Banking are expanding their reach, accelerating innovation, and creating new revenue opportunities through ecosystem-driven models. For institutions navigating constant change and rising customer expectations, Open Banking has become a growth strategy, not just a technical upgrade that helps:

• Expand distribution by embedding financial services in third-party platforms like e-commerce, travel, and retail
• Accelerate innovation by integrating fintech capabilities via secure, modular APIs
• Create new revenue streams by monetizing APIs and data products
• Deliver smarter personalization using permissioned data to power real-time experiences
• Strengthen ecosystem positioning by shifting from siloed products to interoperable platforms

These aren’t future-state ambitions; they’re real outcomes our clients are achieving today. See how we helped a leading European fintech scale its Open Banking API platform to support global expansion.

How Leading Banks Are Creating Value with Open Banking

Open Banking is no longer just about enabling access, but enabling outcomes. Forward-looking banks are using it to launch new business models, reach customers in new channels, and innovate faster than ever. The value lies not in the APIs themselves, but in how they’re engineered, productized, and deployed across ecosystems.

Here are a few examples of how banks are turning Open Banking strategy into tangible results:

Monetize APIs and Data

Banks are turning APIs into products, offering high-value data and services to fintechs, platforms, and enterprise clients. From usage-based pricing to analytics-as-a-service, APIs are unlocking new revenue models. Success depends on robust developer experience, scalable infrastructure, and governance frameworks that support secure, compliant delivery at scale.

Embed Services in Digital Ecosystems

With Open Banking, financial services can be delivered directly within non-bank digital environments, whether it’s enabling instant credit at checkout or offering account verification in onboarding flows. Embedded finance increases distribution, improves conversion, and expands wallet share across the customer journey.

Accelerate Innovation and Personalization

Open APIs allow banks to integrate fintech capabilities like credit scoring, onboarding, or account aggregation, without long build cycles. Combined with real-time, permissioned data access, these integrations power personalized recommendations, proactive guidance, and faster time-to-market. It’s a modular model that delivers both agility and smarter experiences.

Delivering these outcomes takes more than publishing APIs. It requires a platform strategy engineered for scalability, security, and business alignment. From architecture and developer tooling to governance and data insights, banks need partners who can help them design, deliver, and scale the full Open Banking lifecycle.

These levers—monetization, embedded finance, agile integration—are shaping the next wave of platform models in Financial Services. We see this as more than transformation. This is Capital in Action.

The Platform Shift: Capital in Action

At GlobalLogic, we define Capital as the strategic and financial value unlocked when financial services platforms move from closed pipelines to open ecosystems. Open Banking is a clear driver of this transformation, and a prime example of how Code, Capital, and Change come together to create engineering-led growth in Financial Services.

Our clients are already:

• Launching Banking-as-a-Service (BaaS) models for fintech and non-bank partners
• Building data-as-a-service offerings to power hyper-personalized experiences
• Using API usage analytics to optimize performance and pricing

We help banks engineer these outcomes through full-stack delivery: from architecture and developer experience to governance and partner enablement. Banks can take this even further with AI-driven insights, using GenAI and predictive models to surface relevant offers, streamline onboarding, or detect risk in real time.

Let’s Build Your Open Banking Advantage

The question is no longer if financial institutions will open up, but who will unlock value first. These platform models are transforming more than just retail banking, too. From real-time payments and automated claims to personalized wealth advisory, Open Banking is shaping how every financial services segment delivers value. And with the right platform strategy, Open Banking becomes a growth engine, not a regulatory cost.

At GlobalLogic, we engineer the intelligent platforms behind financial innovation. Our teams help financial services organizations, from banks to insurers to asset managers, move beyond transactions to ecosystem-led business models.

Explore how your platform can do more. Connect with our Financial Services team to see how we can help you turn Open Banking into a strategic advantage.

Learn more:

• Beyond Buzzwords: Why ‘Code, Capital, and Change’ Is a Strategic Imperative for Financial Institutions
• Innovating Financial Services: Integrations as Strategic Products
• Capital, Reimagined: Engineering the Next Frontier of Value in Financial Services