Open banking is used for: (1) Account aggregation—showing multiple bank accounts in one app. (2) Income and affordability checks—lenders and landlords verifying income and spending. (3) Pay-by-bank—checkout and transfers via instant bank-to-bank payments. (4) Budgeting and categorization—apps that read transactions and categorize spending. (5) Accounting and ERP—automated bank feeds into Xero, QuickBooks, and other systems. (6) Identity and verification—using bank-held data to verify identity or account ownership.

These use cases are powered by account information (AIS) and payment initiation (PIS) APIs. The Open Banking Tracker lists use cases, API aggregators, and which banks support open banking in each country.