As artificial intelligence (AI) gets increasingly integrated with open banking tools, the number of open banking API calls skyrocket.
A recent study by Juniper Research forecasts a 427% surge in global Open Banking API calls, increasing from 137 billion in 2025. By the study’s estimations, their volume will reach 720 billion globally by 2029.
Open banking API calls refer to the interactions between financial institutions and third-party providers that happen through Application Programming Interfaces (APIs). Such interactions enable partners to securely share banking data and services. Besides, API calls enable seamless communication between legacy banks and forward-thinking fintech companies, allowing for innovative financial products and improved customer experiences allied with long-standing customer trust.
The report suggests that AI will be one of the main growth drivers, enabling more personalized financial solutions for users. More specifically, AI-powered automation is expected to enhance finance management and loan customization, fueling the rapid rise in API call volumes. Additionally, AI is able to perform numerous other functions that will boost open banking offerings. One example is the case of open banking provider Noda which has launched an AI-powered tool that enables gaming streamers and content creators to generate personal payment pages in minutes.
Some of the main functions Open banking API calls perform include allowing third parties to access customers’ financial data (with their consent) to provide insights, budgeting tools, or financial planning services. Besides, third-party apps can initiate payments directly from users’ bank accounts without needing traditional card networks, using such API calls. Furthermore, APIs can send real-time transaction data to authorized third parties, helping businesses analyze spending patterns and detect fraud. AI fraud detection tools have been successfully used by payment network giants like Visa, Mastercard and SWIFT. If these two capabilities collide, the result will be greater than their separate efficiency ratios.
Juniper Research also found that API providers are increasingly leveraging generative AI (GenAI) to enhance personalization at scale. Since API quality standards continue to rise fueled by customer demand, particularly in Europe, GenAI is set to play a crucial role in tailoring financial services to specific user needs.
Research author Matthew Purnell particularly emphasized that API quality today extends beyond reducing failures. Modern API use is all about enabling seamless, customized services. He urged vendors to invest in GenAI-driven automation to enhance banking experiences and improve operational efficiency.
Finally, the report commented on the general state of the open banking market. Last year brought rapid regulatory advancements in the sphere, particularly in Africa and the Middle East. Key developments include the Open Finance African Group Framework and Saudi Arabia’s Phase 2 Open Banking implementation.
With high-growth potential in these regions, Juniper Research advises API vendors to collaborate with regional banks and businesses more. Moving beyond Europe and North America and tapping into emerging markets in their early development stages might unlock new revenue opportunities.
