Issue link: https://go.axway.com/i/1321495
39 Open Banking APIs State of the Market Report 2020 has 1.8 million adults, without formal bank accounts. In addition, there are are an estimated 20% of consumers who may be underbanked, that is, they do not have full access to a range of banking services to meet their needs. 14 The expansion of open banking systems should seek to improve access to financial services for these consumer segments. With the impacts of COVID-19 now, and the future challenges from climate risks facing many societies around the globe, improving access to financial resources for all consumers can help reignite local economies and spur new multiplier effects by unlocking looked-over consumer markets. Fintech built with open banking APIs are already rising to this challenge. Open banking APIs are: \ Encouraging first time investors to trade, \ Enabling small businesses to demonstrate their low credit risk through account history data analytics, and \ Generating new platforms for real estate investment. To access many of these new services, previously unbanked or underbanked consumers are opening bank accounts digitally, often using digital identity APIs provided by either banks or governments.