Improved cash flow management through real-time data access, enhanced efficiency in financial operations through automated processes, access to a wider range of products and services tailored for a specific business need and better customer experiences.
Those are just some of the many benefits of open banking. While the concept has been around for a while, the practice has gained traction in Europe during the past decade, and it continues to evolve in ways that benefit both businesses and consumers.
We spoke with Juni CFO Ruben Arnbert to get his take on the future of open banking for business and how it will change in the coming years.
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Open banking is essentially a secure connection between a bank account and another account. It helps you move money across different platforms and aggregate information from numerous accounts on one centralised dashboard.
One example of open banking is a connection between your primary bank account and business accounts with a financial services provider like Juni.
“At its core, open banking gives businesses wider and deeper access to financial data and services. Above all it fosters competition among financial service providers, leading to better offerings and potentially lower costs for businesses.”
-Ruben Arnbert, CFO of Juni
Without getting into too many details, open baking works through the use of open APIs. You set permissions through your online banking platform to determine which other platforms it can connect with, giving you control over which other software or bank has access to your information.
“It allows businesses to initiate payments and financial activities outside of their bank,” says Ruben. “This enables everything from paying a cab ride through your phone to building deep analytics platforms for specialised purposes.”
You can expect to see steady growth for open banking over the next few years. A report by Polaris Market Research states that in 2021, the global open banking market was valued at USD 16.14 billion. It’s expected to grow at a rate of 26.8%, reaching a value of $128.12 billion by 2030.
But open banking will do more than just grow: Here are six predictions for the future of open banking and how it will evolve for businesses in the coming years.
Ruben predicts that we’ll see the adoption of open banking outside of core financial activities in coming years. What might that look like? That could mean using open baking in insurance, advisory, investments and other ancillary actors within the finance ecosystem.
With a more diverse range of applications for open banking, businesses will be able to keep their accounts better integrated and connected and gain a clearer picture of their finances. This will contribute to the financial health of organisations while helping to automate the connection of key accounts and financial processes.
With increased use comes an increased need for governance. “We’ll see an increased demand for stricter data governance and controls and an increased demand for transparency about what data is being shared and how,” predicts Ruben.
He also predicts “an increased focus on cybersecurity and governance questions to protect sensitive financial data exchanged within open banking ecosystems.” He underlines that businesses will want to avoid sharing sensitive information with competitors, highlighting the need for data anonymisation and control.
Given that the number of use cases for open banking will increase, we can expect to see an improvement in integration capabilities. The same goes for customisation—with more diverse applications, users will be able to personalise their open banking solutions to better fit their needs.
Ruben also predicts more specialisation in open banking, stating that “there will be a continued expansion of open banking ecosystems with an even higher degree of specialisation within industry segments.” An example of this could be cash flow management built specifically for a business selling apparel within Europe as opposed to servicing the global retail sector.
Ruben believes that open banking “has tremendous potential in enabling businesses to focus more on data analytics and taking action, as opposed to gathering, tracking and understanding the data.” As a result, open banking, together with AI, has the potential to significantly increase productivity for businesses and help them move away from manual processes.
He also states that open banking spurs innovation. “It enables a whole host of new applications to be built using financial data to help businesses become more data-driven, less manual and ultimately more efficient.”
Open banking entails the sharing of sensitive financial data, and consumers may have historically been wary of this. However, Ruben predicts that consumer trust in the use of open banking will increase as information about the practice becomes more readily available.
“We’ll see a growing acceptance and trust in open banking due to an increasing awareness of its benefits,” states Ruben. He compares this to public trust in AI—when generative AI tools first made headway, consumers were quite sceptical of their integrity. But as general knowledge about AI has grown, so has the public’s willingness to make use of this technology.
On the topic of AI, Ruben expects its use to be increasingly integrated into open banking systems. He states that we can expect to see an increase in “the application of LLMs to interpret financial data, facilitating decision making and a better user experience.”
AI technologies will not only streamline complex processes but also enhance customer experiences by offering more personalised banking solutions. Plus, AI-driven systems can improve security measures within open banking platforms by effectively detecting and preventing fraud before it occurs.
Open banking isn’t going anywhere, and we can expect to see it evolve in a number of ways in the coming years. This includes more diverse use cases, greater transparency and control, improved integrations, more specialisation, enhanced innovation and productivity, greater consumer trust and an increased use of AI.
Fortunately for businesses, these changes will make open banking even more practical and valuable for their operations. This translates to benefits like less manual admin work and better financial analytics and insights, both of which will help you make informed decisions for your business quicker and more accurately.
So pay attention to how your existing financial tools use open banking, as well as any solutions you’re considering adopting. Juni, for example, connects seamlessly with your bank accounts to give you an accurate real-time view of your finances and help you make better credit choices.
Juni is not a bank – yet. We’re a financial technology company providing e-money services and as such are not part of a deposit guarantee scheme. Learn more about our license and how we keep your business and money safe.
Juni Technology AB (company number 559248-0908) is licensed and registered as an electronic money institution with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) (license no: 64025). Payment Card Solutions (UK) Limited (company number 05941947) and UAB B4B Payments Europe (company number 305539054) are regulated by the Financial Conduct Authority (ref: 930619) and the Bank of Lithuania (licence no: 76), respectively. The Juni Mastercard Corporate Card is issued by Payment Card Solutions (UK) Limited and UAB B4B Payments Europe pursuant to a license by Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Juni Technology AB. Masthamnsgatan 21, 413 28 Göteborg, Sweden. © 2025 Juni. All Rights Reserved.
