1.3 million connections by December: insider data reveals Open Banking success

The report reveals Open Banking's rapid growth, with a 30% compounded growth rate between October 2022 and March 2024.

Round open neon

Open Banking connections in Australia are projected to reach 1.3 million by December 2024, according to data from Basiq.

The report reveals Open Banking's rapid growth, with a 30% compounded growth rate between October 2022 and March 2024.

Open Banking demonstrates superior performance compared to web scraping, with an 80% success rate for customer connections versus 42% for web scraping.

Long-term reliability of Open Banking connections is significantly higher, with only 0.17% facing disruption after six months compared to 15% for web scraping.

Basiq CEO Damir Cuca emphasizes that these findings challenge the negative narrative surrounding Open Banking and demonstrate its growth and success.