The latest independent research document on Global Open Banking examines investment in Market. It describes how companies deploying these technologies across various industry verticals aim to explore their potential to become major business disrupters. The Open Banking study eludes very useful reviews & strategic assessments including the generic market trends, emerging technologies, industry drivers, challenges, and regulatory policies that propel the market growth, along with major players’ profiles and strategies. This version of Open Banking market report advocates the analysis of Plaid (United States), Yodlee (United States), TrueLayer (United Kingdom), Tink (Sweden), Token (United Kingdom), Figo (Germany), OpenWrks (United Kingdom), Salt Edge (Canada), BBVA API Market (Spain), Nordigen (Latvia). Additionally, other players that are part of this detailed analysis are Meniga (Iceland), Linxo (France), Kontomatik (Poland), Envestnet | Yodlee (United States), AccountScore (United Kingdom).
The Open Banking market size is estimated to reach by USD 158.3 Billion at a CAGR of 27.2% by 2030. The report includes historic market data from 2019 to 2023. The Current market value is pegged at USD 34.2 Billion.
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As Open Banking research and application [Personal Finance Management, Payments and Transfers, Lending and Credit Scoring, Wealth Management] continue to expand in scope, the market will see deeper integration and application of more technologies in the future. This commercialization of the market is playing a positive role in accelerating Open Banking business digitalization, improving industry chain structures, and enhancing information use efficiency. The findings mainly focus on category or product type: , Account Information Services (AIS), Payment Initiation Services (PIS), Identity Verification Services, Transaction History Services etc., which underpins many recent advances in the other Open Banking technologies.
Definition:
Open Banking is a financial services term that refers to the practice of allowing third-party financial service providers to access consumer banking, transaction, and other financial data through the use of application programming interfaces (APIs). Open Banking aims to promote greater financial transparency, enhance consumer choice, foster innovation in financial services, and encourage competition among banks.
Market Trends:
- There is a growing trend towards the standardization of APIs to facilitate smoother data sharing and interoperability between banks and third-party providers.
- More consumers are becoming aware of and comfortable with Open Banking, leading to higher adoption rates.
- Open Banking principles are being applied to other sectors, leading to the development of Open Finance and Open Data initiatives.
Market Drivers:
- Increasing consumer demand for better financial management tools and personalized services propels the growth of Open Banking.
- Advances in technology, particularly in APIs and data analytics, facilitate the implementation of Open Banking.
- Traditional banks face competitive pressure from fintech companies, encouraging them to adopt Open Banking to stay relevant.
Market Opportunities:
- Open Banking allows for more personalized and innovative financial services, leading to improved customer satisfaction.
- Financial institutions can develop new business models and revenue streams by leveraging Open Banking data.
- Open Banking can help reach underserved populations by providing access to a broader range of financial services.
Market Challenges:
- Ensuring the security and privacy of customer data is a major challenge, given the increased data sharing involved in Open Banking.
- Building and maintaining consumer trust in sharing their financial data with third parties is crucial and challenging.
- Integrating Open Banking APIs with existing banking systems can be technically complex and costly.
Market Restraints:
- The cost of implementing and maintaining Open Banking infrastructure can be prohibitive for some financial institutions.
- Traditional banks may resist adopting Open Banking due to concerns over losing competitive advantage and control over customer data.
- Ongoing concerns about data breaches and cyber threats can deter both consumers and financial institutions from fully embracing Open Banking.
Market Scope
Based on the type of product, the market segmented into : Account Information Services (AIS), Payment Initiation Services (PIS), Identity Verification Services, Transaction History Services
Based on the End use application, the market segmented into : Personal Finance Management, Payments and Transfers, Lending and Credit Scoring, Wealth Management
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Regional Landscape
Geographically, the Open Banking market size by revenue is broken down by 18+ countries from North America, LATAM, the Middle East, Asia Pacific, Africa, and Europe based on various characteristics such as geographic footprints and business operation locations of players.
Analysts at HTF MI sheds light on Open Banking market data by Country
Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, South Korea, Thailand, India, Indonesia, Australia, and Others)
Europe (Germany, Russia, the UK, Italy, France, Spain, Belgium, Netherlands, Switzerland, Nordic Nations, and the Rest of Europe.)
North America (the United States, Mexico, and Canada)
South America (Brazil, Argentina, Chile, Rest of South America)
The Middle East and Africa (GCC Countries, Turkey, Israel, South Africa, Egypt, and the Rest of MEA)
The Open Banking study cites various market development activities and business strategies such as new product/services development, Joint Ventures, partnerships, mergers, and acquisitions, etc that Industry players such as Plaid (United States), Yodlee (United States), TrueLayer (United Kingdom), Tink (Sweden), Token (United Kingdom), Figo (Germany), OpenWrks (United Kingdom), Salt Edge (Canada), BBVA API Market (Spain), Nordigen (Latvia). Additionally, other players that are part of this detailed analysis are Meniga (Iceland), Linxo (France), Kontomatik (Poland), Envestnet | Yodlee (United States), AccountScore (United Kingdom) are utilizing to overcome macro-economic scenarios. The Open Banking Market company profiles include Business Overview, Product / Service Offerings, SWOT Analysis, Segment & Total Revenue, Gross Margin, and % Market Share.
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Extracts from Global Open Banking Market Study
1. Market Snapshot
2. Global Open Banking Market Factor Analysis
– Value Chain Analysis
– Growth Drivers, Trends, and Challenges
– Porter 5- Forces Analysis
– PESTEL Analysis
3.Open Banking Market by Type (2019-2031) [Account Information Services (AIS), Payment Initiation Services (PIS), Identity Verification Services, Transaction History Services]
4. Market by Applications/ End Users (2019-2031) [Personal Finance Management, Payments and Transfers, Lending and Credit Scoring, Wealth Management]
5.Open Banking Market: Country Landscape
6. Market Size Breakdown for Each Country
7. Competitive Landscape
– Market Share Analysis by Players
– Company Profiles
……….. Continued
Data Sources & Methodology
The primary sources involve the industry experts from the Global Open Banking Market including the management organizations, processing organizations, and service providers of the industrial value chain. In the extensive research process undertaken for this study, the primary sources considered such as Postal Surveys, telephone, Online & Face-to-Face Surveys to obtain and verify both qualitative and quantitative aspects. When it comes to secondary sources Company’s Annual reports, press Releases, Websites, Investor presentations, Conference Call transcripts, webinars, Journals, Regulators, National Customs, and Industry Associations were used.
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