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Open Banking Market to Grow by USD 57.66 Billion (2024-2028) as Demand for Fast Seamless Payments Rises, AI-Driven Market Evolution Report – Technavio

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NEW YORK, Oct. 31, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global open banking market size is estimated to grow by USD 57.66 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  27.2%  during the forecast period. Increased demand for fast and seamless payments is driving market growth, with a trend towards integration of AI into open banking services. However, implementation of strict guidelines in handling personal financial data  poses a challenge.Key market players include Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Service (Banking and capital markets, Payments, and Digital currencies), Deployment (On premise and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd.

Key Market Trends Fueling Growth

The open banking market is undergoing a major shift with the incorporation of artificial intelligence (AI) into its offerings. This trend is fueled by the demand for improved user experiences and sophisticated financial management tools. In June 2024, neobank bunq, Europe’s second-largest with 12.5 million users, partnered with Mastercard. This collaboration utilizes Mastercard’s open banking platform, enabling users to consolidate accounts from multiple banks into the bunq app. By integrating AI, bunq’s advanced money assistant, Finn, enhances these insights with transaction data from various sources. For instance, users can request a comprehensive summary of their travel expenses over the past year, and Finn will gather this information from both bunq and external accounts. In February 2024, Bud Financial (Bud) and Fintech Galaxy formed a strategic alliance to strengthen the open banking ecosystem. This partnership combines Bud’s data intelligence capabilities with Fintech Galaxy’s open Finance FINX Platform, employing AI-driven data enrichment techniques. This integration empowers financial institutions to deliver personalized financial experiences by offering in-depth insights into customer behavior and financial requirements. Both parties share a common goal to maximize the potential of open banking and data intelligence, fostering innovation and customer-focused solutions within the financial sector. The integration of AI in open banking is set to disrupt the industry by providing more customized, efficient, and insightful financial services. As more institutions adopt these technologies, the global open banking market is anticipated to experience heightened competition and innovation throughout the forecast period, ultimately benefiting consumers with more targeted and intelligent financial solutions. 

Open banking is revolutionizing the payment ecosystem by enabling secure access to financial data through APIs. Broadband connectivity and advanced technologies like AI and machine learning power big data analytics, enhancing personalized financial services. This trend is transforming traditional banking by providing real-time data for informed decisions and customer-centric services. E-commerce and venture capital are driving the adoption of open banking solutions. Security is paramount, with open API frameworks and security measures protecting sensitive customer data from online fraud. Open banking platforms offer innovative financial services, including insurance products and automated savings. Banks and financial institutions collaborate with third-party service providers to offer on-premise and cloud-based financial management tools. Open banking APIs facilitate seamless payment initiation and account information solutions, enhancing customer retention. Mobile banking benefits from these advancements, offering convenient and secure transactions. Despite these advantages, data security remains a concern. Open banking solutions must prioritize security measures to ensure trust and compliance with regulatory requirements. Retail and commercial banks are embracing open banking to stay competitive and meet evolving customer expectations. 

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Market Challenges

The global open banking market is confronting a major hurdle in implementing stringent guidelines for managing personal financial data. This challenge is accentuated by recent regulatory advancements geared towards ensuring data security and adherence. In September 2024, the Financial Data Exchange (FDX) petitioned the Consumer Financial Protection Bureau (CFPB) for recognition as an authorized standard-setting organization for financial firms offering open banking services. This recognition would bolster the credibility and influence of FDX’s standards, offering a benchmark for the industry. The CFPB has finalized a rule detailing the qualifications necessary for an organization to secure recognition as a standard-setting body. This rule is part of the broader Personal Financial Data Rights Rule, which aims to safeguard consumer financial data. The new rule stipulates the attributes that standard setters must adhere to for CFPB recognition, including transparency, inclusiveness, and the capacity to create consensus standards that can be widely adopted by the industry. Compliance with these guidelines poses significant challenges for financial institutions. First, meeting the new standards necessitates substantial investment in technology and processes. Financial institutions must modernize their systems to satisfy the rigorous data protection specifications, an undertaking that can be both time-consuming and expensive. Furthermore, the necessity for consensus among various stakeholders can slow down the standard-setting process, potentially delaying the implementation of new guidelines. Despite these challenges, the implementation of strict guidelines for handling personal financial data is crucial for the global open banking market. These guidelines are essential for safeguarding consumer data and fostering trust, but they also necessitate considerable effort and resources from financial institutions to achieve compliance.Open Banking is revolutionizing the financial industry by enabling banks and financial institutions to share customer data with third-party service providers through APIs. This trend is driving the development of personalized financial services, real-time data, and innovative solutions. However, challenges persist. Banks must choose between on-premise and cloud-based Open Banking platforms, ensuring customer-centric services, and maintaining security measures for sensitive customer data. Retail and commercial banks are embracing Open Banking Solutions for improved customer retention and digital transformation. Open Banking APIs facilitate the exchange of financial data, enabling informed financial decisions and the integration of insurance products. With the rise of mobile banking and payment initiation solutions, API management, identity verification, and authentication solutions are essential. Data sharing and data analytics are key to unlocking the full potential of Open Banking. Security measures remain a top priority to protect financial institutions and their customers.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This open banking market report extensively covers market segmentation by

Service 1.1 Banking and capital markets1.2 Payments1.3 Digital currenciesDeployment 2.1 On premise2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Banking and capital markets-  Open Banking is a financial system that enables customers to securely share their financial data with third-party providers. This system allows for more efficient and convenient financial management. Banks provide access to customers’ account information through Application Programming Interfaces (APIs), enabling seamless data exchange. This innovation benefits consumers by offering personalized financial services and improved financial management tools. Additionally, it fosters competition among financial institutions and fintech companies, driving innovation and better services for customers.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

Open banking is revolutionizing the payment ecosystem by enabling customers to share their financial data with third-party service providers through APIs. This innovative approach is transforming the way we manage our money and access financial services. With broadband connectivity becoming more widespread, open banking is making personalized financial services more accessible than ever before. Artificial intelligence and machine learning are key technologies driving the open banking revolution. They enable real-time data analysis, informed financial decisions, and automated savings. Big data analytics is used to identify trends and patterns in financial data, leading to the development of new insurance products and customer-centric services. Security is a top priority in open banking. Advanced encryption and multi-factor authentication are used to protect sensitive customer data from online fraud. Venture capital is pouring into the open banking market, fueling the development of new and innovative financial services. Banks and financial institutions are embracing open banking solutions to improve customer retention and stay competitive. Open Banking APIs provide access to real-time data, enabling e-commerce transactions and mobile banking services. Overall, open banking is transforming the financial industry, offering a more efficient, personalized, and secure way to manage money.

Market Research Overview

Open banking is a payment ecosystem that leverages Open API Frameworks to enable third-party service providers to access financial data from banks and financial institutions in real-time. This revolutionary approach to financial services is driven by broadband connectivity, artificial intelligence (AI), and machine learning, enabling personalized financial services, informed financial decisions, and customer-centric solutions. Open banking goes beyond traditional banking by offering innovative financial services, including payment initiation, account information, and API management solutions. E-commerce and venture capital industries benefit from open banking by streamlining transactions and enhancing customer experience. However, open banking also presents challenges such as online fraud and data security. Financial institutions must implement security measures to protect sensitive customer data. Open banking platforms offer identity verification and authentication solutions to mitigate risks. Open banking solutions encompass financial management tools, insurance products, and real-time data analytics. Cloud-based and on-premise solutions offer flexibility and scalability. Open Banking APIs provide access to financial data, enabling automated savings, mobile banking, and digital transformation. Open banking’s data-sharing capabilities enable financial institutions to offer more informed financial decisions and innovative services, enhancing customer retention and satisfaction. Security measures are essential to ensure trust and confidence in the open banking ecosystem. Retail and commercial banks, as well as financial institutions, are embracing open banking to stay competitive and meet evolving customer needs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ServiceBanking And Capital MarketsPaymentsDigital CurrenciesDeploymentOn PremiseCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Ontario Superior Court Awards Over $170 Million in Damages to Mutual Fund Investors in Landmark Class Action Decision

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July 18, 2026

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TORONTO, July 17, 2026 /PRNewswire/ — On July 16, 2026, Justice Markus Koehnen of the Ontario Superior Court of Justice ordered CI Mutual Funds Inc. and AIC Limited to pay Class Members damages and interest in excess of $170 million.

The Market Timing class action, commenced in 2006, alleged that certain mutual fund managers permitted sophisticated offshore hedge fund investors to engage in frequent trading in their funds, that substantially diluted the investment of long-term investors, including retail unitholders, many of whom were retirees.

Rochon Genova has represented the long-term investors since the inception of this case, including before the Supreme Court of Canada, on appeal from an earlier certification motion.  The Supreme Court certified the case in 2013. A subsequent case management order divided the trial into two phases: a trial in respect of liability, and a subsequent trial in respect of damages. The liability trial was held in February, March and June 2022.

On February 13, 2023, Justice Koehnen issued reasons for judgment in respect of the liability trial.  Justice Koehnen found that both CI and AIC breached their duty of care to prevent “market timing” in their funds. The liability decision, indexed as Fischer v. IG Investment, 2023 ONSC 915, is available here.

The damages trial was heard before Justice Koehnen between March 28 and May 16, 2025. Closing submissions were heard on July 30, August 6 and August 7, 2025. In total, Class Counsel spent 41 days in trial on liability (24 days) and damages (17 days). On June 16, 2026, Justice Markus Koehnen of the Superior Court of Justice issued reasons for judgment in respect of the damages trial.

The Court accepted the evidence of the Plaintiffs’ expert, Professor Eric Zitzewitz, and determined that the “Next Day NAV method” of calculating damages was the appropriate methodology to use, as it measures the specific harm that the time zone arbitrage at issue caused, harm referred to as dilution.

Justice Koehnen determined that the “profits method”, the method of calculating damages advocated for by CI’s expert, was not appropriate as it “measures the wrong thing”. The Court determined that on a balance of probabilities, the “prerequisites of using the profits method” had not been met.

Ultimately, with respect to CI, the Court awarded the Plaintiffs $60,480,000 in damages for the harm resulting from CI’s failure to take appropriate steps to prevent market timing by certain Identified Accounts.

The Court also awarded the Plaintiffs damages caused by specific Additional Accounts at CI that were identified by the Plaintiffs’ expert, Professor Zitzewitz, as having engaged in market timing that harmed the unit holders.

With respect to AIC, the Court awarded the Plaintiffs a total of $37,900,659 in damages, which includes damages caused by the Identified Accounts, and Additional Accounts at AIC that were identified by the Plaintiffs’ expert as having engaged in market timing. 

The Court determined the Plaintiffs are also entitled to pre-judgment interest in the amount of 2.8% per annum, to be applied to the damages figures set out above, in addition to costs against both Defendants.

Peter Jervis, a senior partner at Rochon Genova who led the prosecution of this case, stated: “The damages decision sends a clear message that those who fail to safeguard investors from harmful market practices will be held accountable. That this result was achieved after two decades of hard-fought litigation, is a testament to the perseverance of the Representative Plaintiffs and Class Counsel, and to the strength of our judicial system in delivering access to justice in complex cases.”

Joel Rochon, the Managing Partner of Rochon Genova added: “The decision is an important victory not only for the Class Members, but for the integrity of Canadian capital markets. Mutual funds are a cornerstone of the retirement savings of millions of everyday Canadians, and investors are entitled to expect that fund managers will protect them from practices that unfairly dilute the value of their investments.”

The Plaintiffs in this action were represented by Peter Jervis, Joel Rochon, Sarah Fiddes and Jessica Marshall.

For further updates, please visit Rochon Genova’s website here.

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SOURCE Rochon Genova

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Global Commercial Service Robot Shipments Leader KEENON Puts Humanoids to Work at WAIC 2026

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July 18, 2026

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SHANGHAI, July 18, 2026 /PRNewswire/ — At WAIC 2026, KEENON Robotics is bringing humanoid and specialized service robots onto the same stage—not as competing concepts, but as complementary forms of embodied intelligence working across complete commercial service workflows.

According to IDC, KEENON ranked first worldwide in commercial service robot shipments in 2025, while maintaining its leadership in the global delivery robot market. IDC also sees the industry moving toward a more diversified, multi-form future, where different robot types are deployed according to the needs of specific tasks and environments. KEENON first propose such strategy and WAIC showcase brings that trend to life.

At the booth, the newly introduced hotel laundry scenario demonstrates this approach most clearly. Humanoid robots complete operational tasks such as loading and operating washing machines, retrieving clean laundry, and folding garments, while the DINERBOT T9 supports the wider delivery workflow. Together, they show how humanoid and specialized robots can divide responsibilities and collaborate within a real hotel operation.

Beyond the hotel workflow, KEENON applies the same role-based approach to food and retail service. Drawing on years of customer insight from restaurants and stores, XMAN-R1 takes on front-of-house tasks that combine interaction with object handling—from preparing drinks with NOWWA Coffee to responding to customer requests in dessert and retail settings. Rather than presenting isolated demonstrations, these scenarios show how KEENON is extending proven commercial service workflows into new humanoid capabilities, with every task performed autonomously and without teleoperation.

Through its “general-purpose humanoid + specialized service robot” strategy, KEENON is building a practical path for embodied intelligence: humanoids take on flexible operation and interaction tasks, while specialized robots continue to handle high-frequency delivery and cleaning. At WAIC 2026, KEENON is showing not just more robot forms, but a more complete model for commercial deployment.

With more than 100,000 service robots deployed worldwide across over 70 countries and regions, KEENON has been recognized by global renown brands across various sectors and widely deployed at major brands like Burger King, Buffalo Wild Wings, Hilton, BMW, Lego etc. From 10 to 20+ robots operating in single venues like Hotel Around Pyeongchang to a mixed fleet of 8 robots across 6 types at facilities like Shangri-La’s Trader Hotel, making it world-first intelligent hotel with both humanoid and service robot, KEENON delivers proven multi-robot efficiency.

SOURCE KEENON Robotics Co., Ltd.

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MDT Introduces TMR1370 Ultra-Low-Power Magnetic Switch IC Enabling More Than Two Years of Standby Operation in CGM Devices

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July 18, 2026

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— Next-Generation TMR Magnetic Switch with Ultra-Low 50nA Maximum Supply Current Expands MDT’s Proven CGM Sensor Portfolio

ZHANGJIAGANG, China, July 18, 2026 /PRNewswire/ — MultiDimension Technology Co., Ltd. (MDT), a leading supplier of magnetic sensors and a pioneer in Tunneling Magnetoresistance (TMR) technology, today introduced the TMR1370 ultra-low-power magnetic switch IC, the newest addition to MDT’s magnetic sensing portfolio for continuous glucose monitoring (CGM) devices. Building on the proven TMR1367, TMR1368, and TMR1369 family, the TMR1370 delivers significantly lower power consumption, enhanced voltage compatibility, and a smaller package to enable next-generation CGM systems with ultra-long standby life.

Optimized for battery-powered CGM devices, the TMR1370 features a maximum supply current of only 50nA, with approximately 30nA typical at a 3V supply. When combined with the magnetic wake-up mechanism widely adopted in CGM devices, the TMR1370 enables more than two years of standby operation, helping extend product shelf life while preserving battery capacity for continuous glucose monitoring after activation.

The TMR1370’s exceptional power efficiency is enabled by MDT’s proprietary TMR technology platform, which combines advanced magnetic sensor design, optimized device architecture, and proprietary wafer process technology to achieve high magnetic sensitivity together with ultra-low power consumption. Complementing MDT’s existing X-axis and Z-axis CGM magnetic switch portfolio, the TMR1370 gives system designers greater flexibility to optimize sensor orientation and mechanical layout for a wide variety of CGM architectures while enabling easy migration from previous-generation devices.

Key Features

Enables more than two years of standby operation in battery-powered CGM devices.50nA maximum supply current, approximately 30nA typical at 3V.Wide 1.8V to 4.0V operating-voltage range.Maximum operating point below 40 Gauss for reliable magnetic wake-up detection.X-axis magnetic sensing optimized for compact CGM designs.Miniature DFN5L package (1.6×1.6×0.5mm) for thinner and lighter wearable medical devices.Complements MDT’s proven X-axis and Z-axis CGM magnetic switch portfolio for flexible system design and simplified migration.

Samples of the TMR1370 are available through DigiKey and MDT’s online store at www.tmr-sensors.com. For volume pricing, delivery information, and technical specifications, contact MDT Global Sales at sales@dowayusa.com.

About MDT
MultiDimension Technology was founded in 2010 in Zhangjiagang, Jiangsu Province, China, with branch offices in Shenzhen, Chengdu, and Ningbo in China, Singapore, Tokyo, Japan, and San Jose, Calif., USA. MDT has developed a unique intellectual property portfolio, and its self-owned state-of-the-art TMR manufacturing facilities that can support volume production of high-performance, low-cost TMR magnetic sensors to satisfy the most demanding application needs. Led by its core management team of elite experts and veterans in magnetic sensor technology and engineering services, MDT is committed to creating added value for its customers and ensuring their success. For more information about MDT please visit http://www.multidimensiontech.com.

Media Contacts
MDT sales department, sales@dowayusa.com, sales@dowaytech.com
Tel: +1-650-275-2318 (US), +86-189-3612-1156 (China)

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SOURCE MultiDimension Technology Co., Ltd.

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