Issue link: https://go.axway.com/i/1321495
33 Open Banking APIs State of the Market Report 2020 a clear model to describe how open banking can improve the financial health of individuals, households and small businesses. For example, in the UK open banking context, they estimate the annual benefit of open banking to customers is 230 Euro per year for the average consumer. The report describes a model under which it is assumed open banking benefits will flow to consumers, with greater visibility and control over one's bank accounts leading to better financial decision-making and reduced stress and debt. There are several models to measure financial health of individual and household consumers. The Center for Financial Services Innovation suggests the use of six indicators across spending, savings, borrowing and planning. For example, they suggest a measure of spending to include the percent of bills that are paid in full and on time. 7 In Europe, a standard indicator of material deprivation measures the likelihood of citizens to be able to face an unexpected financial expense, with 2020 data suggesting 32% of Europeans would have difficulty. 8 REMOVES BARRIERS TO ACCESSING PRODUCTS AND ADVICE ENABLES GREATER VISIBILITY, CONTROL AND PERSONALISATION BETTER FINANCIAL DECISION MAKING REDUCED FINANCIAL STRESS AND DEBT INDIVIDUALS AND HOUSEHOLDS LIMITED AVAILABILITY \ Account/API Aggregation services \ Digital identity \ Account-keeping and budgeting \ Alternative lending \ Bill payments \ Money transfer/ Remittances \ Ecommerce payments \ Credit applications \ Credit scoring \ Real Estate Financing/Investing \ Cashflow and balance transfer management \ Buy Now Pay Later GOOD AVAILABILITY \ Payments \ Loyalty and Offers EMERGING AVAILABILITY \ FX services \ Consumer credit services \ Card and Wallet Management \ P2P payments \ Private Investment Management \ Consumer loans