Industry Background:
Open banking is refer as the system which provides a user with a network of financial institutions data through use of the application programming interfaces. The Open Banking Standard defines as how the financial data should be created, shared and how it should be accessed. It relies on networks instead of the centralisation, open banking basically helps financial services customers to share the financial data securely with other financial institutions. Benefits of the open banking include is that there is more easily transferring funds and comparing product offerings to create a best banking experience that meets each user’s needs in the cost effective way. Open banking is also called as "open bank data"
This growth is primarily driven by Growing technological development and Provides advantages in personal finance management and there is easy access to credit services.
Globally, a noticeable market trend is evident Retail banks is shifting their focus from the project of stand-alone technology to an environment where there is continuous improvement in technological
. The Consumer Finance sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Accern Corporation (United States), JackHenry and Associates (United States), D3 Banking (United States), Demyst Data (United States), Figo GMBH (Germany), FinGenius (United Kingdom), FormFree (United States), Malauzai Software Inc. (United States), Mambu GmbH (Germany) and MineralTree Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
Jack Henry & Associates, Inc. is a leading provider of technology solutions and payment processing services primarily for the financial services industry, the company announced the acquisition of BOLTS Technologies, Inc., the Pennsylvania-based developer of boltsOPEN, a next-generation digital account opening solution
Jack Henry & Associates, Inc. introduced a voice-driven consumer bill pay solution and also confirmed that more clients have secured their skill certification for voice-enabled banking through an Amazon Alexa device
Market Drivers
- Growing technological development
- Provides advantages in personal finance management and there is easy access to credit services
Market Trend
- Retail banks is shifting their focus from the project of stand-alone technology to an environment where there is continuous improvement in technological
- Growing use of big data analytics
Restraints
- Restrictions like data security and increase in events of online fraud are growing
- Limiting opportunities
Opportunities
There is enormous competition from peers and the new entrants are offering a major growth opportunity and Growing security features due to technology development is benefiting the market during the forecast period
Challenges
Totally new concept in the market which is failing in trust acquiring and Unawareness in customer
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Open Banking Study Sheds Light on
The Open Banking Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Open Banking industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Open Banking industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.