Issue link: https://recursos.axway.com/i/1321495
32 Open Banking APIs State of the Market Report 2020 Around the globe, open banking regulations are being introduced in part to encourage greater competition and open up banking markets so that startups can create a new generation of digital financial services. Some open banking regulations go even further and clearly articulate that the goal of this new competition is to improve the financial health and wellbeing of consumers. There are five key end consumer markets for open banking: \ Individuals/households \ Sole traders \ Small and medium enterprises (SMEs) \ Larger enterprises \ The underserved. At present, the bulk of products being created from open banking APIs target the sole trader and SME markets. TARGET MARKET OF FINTECH PRODUCTS (N=569) INDIVIDUAL AND HOUSEHOLD CONSUMERS The Independent Consumer and SME Representatives of the UK's Open Banking Implementation Entity released Consumer Priorities for Open Banking in June 2019. 6 This comprehensive report provides THE BENEFITS OF OPEN BANKING FOR CONSUMERS Self-employed 34.6% Individual/Households 8.8% Enterprises 4.0% Unkown 7.0% SMEs 51.4%