Australia Open Banking Market Size, Share and Outlook - Growth Analysis Report and Forecast Trends (2026-2035)

Market Overview

The Australia open banking market is moving from a compliance exercise to a commercial data layer. Banks have built the interfaces, and the growth now comes from lenders, accountants, payment providers and software vendors that depend on consented data to decide faster and onboard cheaper.

Three forces are shaping the market: rising call volumes, with the regulator counting more than 5 billion cumulative calls by late 2025; widening scope, as non-bank lenders and buy now, pay later providers join in phases from 2026; and policy attention on consent friction, where small business owners still struggle to appoint representatives.

In May 2025 Adyen selected Fiskil for merchant onboarding, in June 2025 the ACCC announced a record infringement penalty against NAB for inaccurate credit limit data, and in December 2025 Mastercard launched open finance tools for small businesses. In February 2026 MYOB made open banking its default connection.

Key Market Trends and Insights

• Volume milestone: FinTech Australia reported in November 2025, citing ACCC data, that cumulative open banking calls passed 5 billion, with more than 250 million added in only a few weeks.
• Policy upside: The Productivity Commission estimated that an effective Consumer Data Right could add up to A$10 billion a year to national output, as FinTech Australia noted in January 2026.
• Enforcement on data quality: The ACCC announced in June 2025 that NAB paid A$751,200 in infringement penalties, the largest sum paid for alleged rule breaches to that date.
• Broker adoption: Frollo for Brokers, launched on 25 June 2025, was reported to be generating over 1,000 client data reports per week within weeks of release.

Australia Open Banking Market Size and Forecast

The market is shifting from bank-side build work towards recipient-side products that earn recurring fees. Data sharing platforms and application programming interfaces lead in value, while consent and compliance management advances fastest as new sectors join and consent rules tighten. Lending and credit assessment remains the largest use case, and payments and account verification grows quickest as merchants and payment providers replace manual checks. Banks and authorised deposit-taking institutions remain the largest buyers, but non-bank lenders and buy now, pay later providers expand fastest as their obligations phase in. New South Wales remains the largest region because of its concentration of banks and fintechs, and Queensland grows quickest. Streamlined consent for businesses, a gradual move away from screen scraping and action initiation point to durable demand rather than a short compliance cycle.

Key Takeaways: Australia Open Banking Market

Rising Call Volumes Underpin Recurring Revenue

Revenue is on course to expand more than threefold, from AUD 520.00 million in 2025 to AUD 1,844.85 million in 2035 at a 13.5% CAGR. FinTech Australia reported that calls passed 4 billion in August 2025 and 5 billion in November 2025, so usage is compounding across lending, accounting and personal finance.

Compliance and Verification Lead Growth

Data Sharing Platforms and APIs hold the largest share, but Consent and Compliance Management grows at an estimated 16.2% CAGR and Payments and Account Verification at an estimated 17.0% CAGR through 2035. Adyen's May 2025 choice of Fiskil and Mastercard's December 2025 small business launch show demand moving towards verification and onboarding.

Scope Expansion Opens New Buyers

Non-bank lenders and buy now, pay later providers enter the regime in phases, creating a new class of data holders and recipients that must buy interfaces, consent tooling and testing support.

• Rules extending the regime to non-bank lenders took effect in March 2025
• Product data obligations for the first tranche applied from 13 July 2026
• Large non-bank providers face consumer data obligations next year

Australia Open Banking Market Report Summary

Key Insight

Demand is shifting from bank-side compliance builds to recipient-side products in lending, accounting and payments. New South Wales leads, while Queensland grows fastest.

Key Trends in the Australia Open Banking Market

The Australia open banking market is being reshaped by default adoption in accounting software, small business launches, mortgage broker tools and enforcement on data quality.

February 2026 - MYOB Makes Open Banking Its Default Connection for Small Businesses

• CFOtech Australia reported on 18 February 2026 that MYOB would make open banking the default connection for MYOB Business and AccountRight from 1 March 2026.
• The connections run on Mastercard's open finance platform, with an ABN check added to setup and time-limited consent.
• MYOB expects about 50 more connection options, which shows how accounting software is pulling bank data volumes upward.

December 2025 - Mastercard Launches Open Finance Business Solutions for Small Businesses

• Mastercard announced on 11 December 2025 a set of tools for lending, accounting, payments, onboarding and anti-money laundering checks.
• Thriday, pay.com.au and ANNA Money were named as partners using consented banking data.
• The tools rely on a business consumer disclosure consent model and an ABN validation service, which lowers friction for small firms.

June 2025 - Frollo Launches Frollo for Brokers

• NextGen reported that Frollo for Brokers went live on 25 June 2025, giving mortgage brokers verified client financial data through consent.
• Early users included Connective, Finsure, Mortgage Choice, Commonwealth Bank and Westpac Group, according to the launch announcement.
• Brokers no longer need to rely on screen scraping to collect statements, which supports faster loan processing.

May 2025 - Adyen Selects Fiskil for Merchant Onboarding in Australia

• CFOtech Australia reported on 8 May 2025 that Adyen chose Fiskil's banking interface for onboarding and account verification.
• Adyen's global head of open banking said the partnership targets seamless and scalable verification for merchants.
• The partnership could later extend to credit risk assessment and transaction intelligence, widening payment-side revenue pools.

Key Insight

Default adoption in accounting software, verification for merchants and broker tools are the main structural forces, while consent friction and uneven data quality remain the main risks to volume.

Recent Market Developments in the Australia Open Banking Market

Recent developments, presented from the most recent, show inquiry findings on universal coverage, a volume milestone, a record enforcement outcome and the extension of the regime to non-bank lenders.

January 2026 - Productivity Commission Recommends Universal Open Banking

• FinTech Australia welcomed the final inquiry report on 12 January 2026, which estimated that an effective regime could add up to A$10 billion a year to output.
• The report rejected a de minimis exemption for small banks and recommended streamlined consent for businesses.
• Wider coverage and simpler consent would widen the addressable base for aggregation and compliance vendors.

November 2025 - Open Banking Calls Pass 5 Billion

• FinTech Australia said on 27 November 2025, citing ACCC data, that cumulative calls passed 5 billion, with over 250 million added in weeks.
• The previous milestone of 4 billion had been reached in August 2025, and fintechs and finance companies drive most activity.
• Its chief executive said call counts do not show participant numbers and asked for companies to handle consent on behalf of consumers.

June 2025 - NAB Pays A$751,200 in Infringement Penalties

• The ACCC announced on 19 June 2025 that NAB paid four infringement notices for failing to disclose credit limit data accurately.
• It was the largest amount paid for alleged rule breaches to that date, and NAB has since fixed the data quality problems.
• Data quality testing and monitoring tools gain demand as regulators focus on accuracy rather than only availability.

March 2025 - Rules Extend the Consumer Data Right to Non-Bank Lenders

• Treasury published amendments on 3 March 2025, and they commenced on 4 March 2025, covering non-bank lenders and buy now, pay later providers.
• A law firm summary of the rules set product data obligations from 13 July 2026 for initial and large providers.
• Large providers are expected to meet consumer data obligations next year, opening a second wave of buyers.

Key Insight

A universal coverage recommendation, record call volumes, a heavy enforcement outcome and the extension to non-bank lenders show demand moving from build to use across the forecast period.

Australia Open Banking Industry Segmentation

The Expert Market Research’s report on the Australia Open Banking Market offers a detailed analysis of the market based on the following segments.

Market Breakup by Offering

• Data Sharing Platforms and APIs
• Account Aggregation and Data Analytics
• Consent and Compliance Management
• Integration and Managed Services
• Others

Data Sharing Platforms and APIs lead on value, in our estimate, because every bank, lender and recipient must run certified interfaces, as Fiskil's banking interface selected by Adyen in May 2025 shows. Account Aggregation and Data Analytics grows steadily on categorisation and cash flow scoring, such as Frollo's broker reports launched in June 2025. Consent and Compliance Management grows fastest at an estimated 16.2% CAGR through 2035, driven by the ACCC's June 2025 penalty against NAB and new sector entry. Integration and Managed Services supports small institutions, including connections MYOB switched on by default from March 2026.

Market Breakup by Use Case

• Lending and Credit Assessment
• Accounting and Bookkeeping
• Personal Finance and Money Management
• Payments and Account Verification
• Others

Lending and Credit Assessment leads on value, in our estimate, as mortgage brokers adopt tools such as Frollo for Brokers, released in June 2025. Accounting and Bookkeeping grows strongly because MYOB made open banking its default connection from March 2026 and Mastercard added small business tools in December 2025. Personal Finance and Money Management is a mature segment with steady app adoption. Payments and Account Verification grows fastest at an estimated 17.0% CAGR through 2035, supported by Adyen's May 2025 selection of Fiskil and pay.com.au's use of consented data.

Market Breakup by End User

• Banks and Authorised Deposit-Taking Institutions
• Non-Bank Lenders and BNPL Providers
• Fintechs and Software Providers
• Mortgage Brokers and Aggregators
• Others

Banks and Authorised Deposit-Taking Institutions lead in spending, in our estimate, because they carry interface build, testing and enforcement exposure, as NAB's June 2025 penalty showed. Non-Bank Lenders and BNPL Providers grow fastest at an estimated 18.1% CAGR through 2035, since rules effective from March 2025 phase them in from July 2026. Fintechs and Software Providers, including MYOB and ANNA Money, buy connectivity at scale. Mortgage Brokers and Aggregators grow steadily as Connective, Finsure and Mortgage Choice adopt consented statements.

Market Breakup by Region

• New South Wales
• Victoria
• Queensland
• Western Australia
• Rest of Australia
• Others

New South Wales dominates, in our estimate, because Sydney hosts the head offices of the largest banks, payment processors and open banking specialists, and it grows at an estimated 12.9% CAGR through 2035 from a large base. Victoria grows at 13.8%, helped by Melbourne's banking and accounting software employers such as NAB and MYOB. Queensland is the fastest-growing region at an estimated 14.6%, on broker-led lending and a young fintech base. Western Australia grows at 14.0% on resources-linked small business demand, and Rest of Australia at 13.2%.

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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Competitive Landscape in the Australia Open Banking Market

Competition combines the large banks that act as data holders, global payment networks, domestic intermediaries and broker-facing platforms. Entry barriers include accreditation, information security obligations, bank connection coverage, consent design and relationships with lenders, accountants and brokers.

Mastercard

Mastercard, headquartered in Purchase, New York, operates an open finance platform in Australia and acts as an accredited data recipient at the unrestricted level. On 11 December 2025 it launched Open Finance Business Solutions for small businesses covering lending, accounting, payments, onboarding and anti-money laundering checks, with Thriday, pay.com.au and ANNA Money as partners. In February 2026 MYOB began moving customers to bank connections on its platform.

Frollo

Frollo, part of the NextGen group and based in Sydney, supplies open banking data, categorisation and money management technology to banks, brokers and lenders. It launched Frollo for Brokers on 25 June 2025, a portal giving mortgage brokers verified client financial data with consent and free access for accredited broker association members. NextGen integrated the technology into its ApplyOnline platform used by Connective, Finsure and Mortgage Choice.

Fiskil

Fiskil, a Sydney open banking infrastructure provider led by chief executive Jacob Parker, offers a banking interface that lets businesses receive consented data without becoming accredited themselves. In May 2025 Adyen selected Fiskil as its data sharing partner in Australia for merchant onboarding and account verification, with possible later use for credit risk assessment and transaction intelligence across the merchant base.

National Australia Bank

National Australia Bank, headquartered in Melbourne, is one of the four major banks and a data holder that shares customer data through open banking interfaces. On 19 June 2025 the ACCC announced that NAB had paid A$751,200 in infringement penalties for inaccurate credit limit data, the largest such sum to that date. NAB cooperated and fixed the issues, which pushed the sector towards stronger data quality monitoring.

Other players operating in the Australia open banking market include Basiq, MYOB, Commonwealth Bank, Westpac, and Biza.io, alongside accounting software vendors, credit unions, mutual banks, non-bank lenders, mortgage aggregators and technology consultancies supplying interfaces, consent tools and testing services across Australia.

Key Insight

Competition rests on accreditation, bank connection coverage, consent design and broker or accountant relationships rather than price alone, while scope expansion could reshape positions.