Open Banking Market by Financial Services and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2019–2026
- March 2020 •
- 159 pages •
- Report ID: 5897543 •
- Format: PDF
The global open banking market accounted for $7,295million in 2018, and is expected to reach $43,152million by 2026, registering a CAGR of 24.4% from 2019 to 2026.
Open banking is a banking service in which the bank account data is shared through secured open Application Programming Interface (APIs) to third-party services providers. These APIs deliver a secure way to share financial information between two parties. Furthermore, this financial information is used by banks and third party organizations to design applications and services which are offered to the customer. The exchanged information also allows the designing of more advanced and personalized applications which improve the customer experience levels related to financial services. Furthermore, open banking platform makes it easier for consumers to compare the details of current accounts and other banking services. In addition, the advanced applications will potentially assist consumers such as small and medium businesses in making financial decisions.
The major factor which contribute to the growth of open banking market include increase in the number of people using new wave apps and services. In addition, rise in customer engagement and attending banking customers need quickly boost the growth of the open banking market. Furthermore, the rise in advantages of an open banking platform that makes beneficial to all stakeholders in the financial services industry includes consumers, businesses, Fintech’s, innovators, and banks. This is an important factor that fosters the growth of the open banking market. However, an increase in events of online fraud and data insecurity is expected to restrict the open banking market growth. On the contrary, significant increases in the collaboration of financial service providers, and traditional banking with Fintech is an expected opportunity to boost growth of the open banking market.
The global open banking market is studied on the basis of financial services, distribution channel, and region. By financial services, the market is divided into bank & capital market, payments, digital currencies, and others. As per distribution channel, it is divided into bank channels, app market, distributors, and aggregators. In-depth analysis of the open banking market is provided for North America (U.S., Canada, and Mexico), Europe, (UK, Germany, Netherlands, Spain, and Rest of Europe) Asia-Pacific & LATAM (China, Singapore, Australia, Hong Kong, and Rest of Asia-Pacific & LATAM).
KEY BENEFITS FOR STAKEHOLDERS
• This report entails a detailed quantitative analysis along with the current global open banking market trends from 2019 to 2026 to identify the prevailing opportunities along with the strategic assessments.
• The market size and estimations are based on a comprehensive analysis of key developments in the industry.
• A qualitative analysis based on innovative products facilitates strategic business planning.
• The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.
Key Market Segments
• By Financial Services
o Banking & Capital Markets
o Digital Currencies
o Value Added Services
• By Distribution channel
o Bank Channel
o App market
• By Region
o North America
- Rest of Europe
- Hong Kong
- Rest of Asia-Pacific and LATAM
• List of key players profiled in the report:
• BBVA Open Platform Inc.
• Credit Agricole
• Figo GmbH
• Jack Henry & Associates, Inc.
• Mambu GmbH
• MineralTree Inc.
• NCR Corporation