According to Mastercard’s Open Banking Readiness Index, with around 13.0 million active mobile subscriptions, many Swedes own more than one mobile, and mobile device penetration stands at 126.3%. In 2019, 92% of mobile phone users owned a smartphone.
In April 2018, Swedbank invested €3 million in personal finance management and data aggregation platform, Meniga, in a collaboration that marked the desire for a fully customisable digital banking user experience.
Sweden is set to achieve great things in the OB space. Why? Because studying the country’s moves since the introduction of PSD2 show a commitment to making the most of this initiative.
For example, in May 2018, the Swedish FinTech Open Payments launched a PSD2-compliant aggregator platform that enables users to take advantage of a single, open and secure point of access to bank API sets in Europe. Moves like that place the country in an advantageous position moving forward.