Open banking has been particularly successful in the Nordic countries of Sweden, Denmark, Norway, and Finland. This is due to the region’s long tradition of payment innovation, as well as its high internet penetration rate, which has allowed open banking to be adopted quickly and widely.
As a result, these countries have seen significant progress in open banking, with the UK and Nordic countries leading the way [1].
Popular services powered by open banking in the Nordic countries include customer onboarding, account top-ups, invoice settlement, ecommerce, income & affordability analysis, risk decisioning, personal finance management, accounting, banking, business finance management, SME lending, treasury management, and apps such as Revolut and N26. Open banking has also allowed for subscription management, cash pooling, and foreign exchange across multiple banks.
1. Open Banking Around the World