January 13, 2021
According to the research report titled ‘Global Open Banking Market Size study, by Financial Services (Banking & Capital Markets, Payments, Digital Currencies, Value Added Services), by Distribution Channel (Event Management and Scheduling, Bank Channel, App market, Distributors, Aggregators) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global open banking market was remunerated at USD 9,045 million in 2019 and is expected to grow with a CAGR of 24% during 2020-2027.
Emphasis on improving customer engagement and fulfilling their demands, along with increasing use of mobile banking services in developing and developed economies are the key factors propelling the growth of global open banking market.
For those unversed, open banking is a financial service term that enables transfer of digital data linked with customer’s bank account. The exchange of data usually takes place between third party organizations and banks.
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Third party providers use the financial information associated with the account in order to develop applications and services, that can be offered to the client i.e., the account holder. The analysis of these financial data also enables the development of more customized and innovative applications aimed at enhancing the customer experience with respect to financial services. Various open banking financial services provided in the industry are digital currencies, payments, and banking & capital markets among others.
The outbreak of COVID-19 has forced the government of various regions to impose restrictions on the movement of services, goods, as well as people to prevent the virus from spreading further. This has resulted in surge in usage of open banking financial services as they allow access to financial data without visiting banks, and reduce operating costs, hence impelling global open banking market outlook.
Despite the promising growth trajectory of global open banking industry, data security & privacy concerns are anticipated to impede the business expansion over the forecast timespan.
Speaking of the regional landscape, worldwide open banking market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, North America leads the overall market forecast presently, on account of presence of new technology-based vendors across the region, and growing acceptance of advanced banking facilities.
On the other hand, Asia Pacific open banking industry is slated to grow substantially through 2027, attributable to rising investment in open application programming interface (API) management platform and increasing number of banks in the emerging nations.
Established firms in global open banking market sphere are NCR Corporation, MineralTree Inc., Mambu GmbH, Jack Henry & Associates Inc., FormFree Holdings Corporation, Finastra, Figo GmbH, Demyst Data Ltd., Credit Agricole Group, and BBVA Open Platform Inc.