About Open Banking Solutions
Open banking is a system that enables access to and management of consumer banking and financial accounts by third-party applications. Open banking, often known as open bank data, is a practise in banking that allows non-bank financial companies to access consumer banking, transactional, and other data from banks and other financial institutions. Open banking is the practise of granting access to banking transactions and other data from banks and financial institutions to third-party payment service and other financial service providers in order to facilitate secure interoperability in the banking industry. Open banking exposes consumers to both potential benefits and substantial risks as more of their data is shared broadly.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to Open banking solutions market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for open banking solutions Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Open Banking Solutions market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BBVA Open Platform Inc. (United States), Credit Agricole (France), DemystData (United States), D3 Technology Inc. (United States), Figo GmbH (Germany), FinGenius (United Kingdom), FormFree Holdings Corporation (United States), Jack Henry & Associates, Inc. (United States), Malauzai Software Inc. (United States), Mambu GmbH (Netherland), MineralTree, Inc. (United States) and NCR Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Tink (Sweden), Yapily (United Kingdom), TrueLayer (United Kingdom), Railsbank (United Kingdom) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Open Banking Solutions market by , Application (Account Information Services, Payment Initiation Services, Transaction History Services, Identity Verification Services, Risk Assessment Services and Other Value-added Services) and Region.
On the basis of geography, the market of Open Banking Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Banking Type, the sub-segment i.e. Retail Banking will boost the Open Banking Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Banks and Financial Institutions will boost the Open Banking Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rise of A2A payments and digital wallet integrations. and Increased Use of Artificial Intelligence (AI) and Machine Learning (ML).
Market Growth Drivers:
Increasing Demand of Online Application for Making Payment., Rising Adoption of Online Payment App and Increase Rapidly Adoption of E-Commerce’s Platform.
Challenges:
Lack of compliance standard. and Consumer education and trust.
Restraints:
Lack of digital literacy in emerging countries. and Increasing concern about data security.
Opportunities:
Rapid Expansion of API-Enabled Services. and Increase competition and market entry.
Market Leaders and their expansionary development strategies
In May 2022, Banfico, a niche Open Banking technology solution provider to banks and fintechs, and adorsys, a financial ecosystem integrator, announced value-added technical partnership agreement between the two companies. Banfico has also successfully delivered Open Banking solutions in the UK, Europe, and Brazil. The new collaboration provides access to a larger untapped audience for both industry experts.
In September 2023, BNY Mellon, has announced the launch of Bankify, an open banking payments solution that helps organisations receive consumer payments from bank accounts, with a seamless user experience and that offers guaranteed funds for business receivables.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.