In September 2023, Apple launched the iPhone Wallet app integration with UK users' current account balances and transaction history. The Apple Wallet app's integration with the Open Banking API allows users to get their checking account balance directly from their bank.
Throughout history, banks has remained a closed industry, monopolizing the majority of other financial services. Total digitalization has brought changes to the industry. Fintechs gives users the right to choose an alternative, and and Big Tech joined the club. User experience (UX) provided with open banking solutions will disrupt the banking industry. It will open market barriers, completely changing the game's rules through massive competition.

Apple launches new Open Banking API integration in the UK to show bank balances in the Wallet App with iOS 17.1update.

The Revised Payment Service Directive (PSD2) was a forced switch for all European banks to the Open Banking model. 2018 was a turning point for banking as the EU countries were obliged to incorporate PSD2 into national law and publish their Application Programming Interfaces (APIs). According to report by Open Banking Limited combined CMA9 data shows 7 million consumers and SMEs used Open Banking services during January 2023 in UK. Juniper Research predicts that global Open Banking payments transaction values will exceed $330 billion by 2027, up from $57 billion in 2023.