As in all the countries of the EEA, the PSD2 European Directive was implemented in 2016 and went live in September 2019. According to Statista, in 2018, 66% of all individuals used the internet for online banking. That’s a pre-OB stat that saw an increase after the directive went live.
As per the Digital Economy and Society Index (DESI), 83% of Latvians use the internet for online banking, which is 17% above the EU average. According to the same source, Latvia ranks 5th in the EU for digital public services.
The future looks bright for Open Banking and the reason is the versatility of the technology. There are countless use cases for Open Banking, with the most popular being:
This versatility is not strictly business-related. OB has a lot to give in the social sector as well with education and charities. Do not forget that adoption in new areas such as crypto, and gaming is still in early stages and has a long way to go. Open banking has still ways to go in Latvia and all data shows that we’ll see a lot of development around this technology in the near future.