Open Banking Solutions Market worth $11.7 billion by 2028, growing at a CAGR of 16.0%: Report by MarketsandMarkets™
Chicago, March 25, 2024 (GLOBE NEWSWIRE) — The Open Banking Solutions Market size is expected to grow from USD 5.5 billion in 2023 to USD 11.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period, according to a new report by MarketsandMarkets™
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Open Banking Solutions Market Dynamics:
Drivers:
- Increased consumer demand and adoption of cloud-based solutions by financial institutions
- Increasing compliance requirements of new data laws and regulations
- Need for greater visibility and options for borrowers and lenders
- Focus on development of innovative product offerings with evolving consumer requirements
Restraints:
- Lack of digital literacy in certain emerging countries
Opportunities:
- Gradual adoption of open-banking APIs
- Growing demand for state-of-the-art innovations and improved personalization
- Emphasis on better collaboration and partnership among key players
List of Key Players in Open Banking Solutions Market:
- Plaid (US)
- Envestnet (US)
- Tink (Sweden)
- Finicity (US)
- Trustly (Sweden)
- MX Technologies (US)
- Worldline (France)
- Volt.io (UK)
- Temenos (UK)
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It is noticed that consumers increasingly prefer mobile apps for banking transactions that facilitate seamless fund transfers, bill payments, and account management, web portals that in the current era serve as comprehensive platforms for digital banking, enabling customers to interact digitally across various services, and convenience for users to track their receivables, payables, and other financial activities via web portals, thereby enhancing transparency and control, are key driving factors of the Open Banking solutions market.
Based on the Digital channel, the mobile apps segment will record higher CAGR during the forecast period.
Mobile apps have emerged as indispensable tools within the digital channel for open banking solutions, offering customers unparalleled convenience and accessibility to their financial accounts on the go. These apps empower users to manage their finances, make payments, transfer funds, and monitor real-time transactions, all from the palm of their hand. With intuitive interfaces and advanced security features such as biometric authentication and encryption, mobile apps instill confidence in users while providing a seamless and personalized banking experience. Moreover, many banks and fintech firms are augmenting their mobile apps with innovative features like AI-powered financial insights, budgeting tools, and customized recommendations, further enhancing their value proposition and driving engagement.
By end user, the third-party providers (TPPs) segment will hold a larger Open Banking solutions market share during the forecast period.
TPPs are integral to the open banking ecosystem, serving as intermediaries between banks and customers. Unlike traditional interactions where consumers communicate directly with banks, TPPs act as intermediaries, enabling customers to interact with them instead. These TPPs then leverage standardized APIs to access customer accounts, facilitating the provision of account information services and payment initiation. TPPs can function as either Payment Initiation Service Providers (PISPs), enabling users to initiate payments directly from their accounts, or Account Information Service Providers (AISPs), offering insights into account information such as transaction history and balances. By leveraging open banking APIs, TPPs empower consumers with greater control over their financial data and transactions while fostering innovation and competition within the financial services industry.
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Based on the deployment model, the Cloud segment will record higher CAGR during the forecast period.
Enterprises Cloud deployment in the open banking solutions market revolutionizes traditional banking by offering scalable, flexible, and cost-effective infrastructure. Leveraging cloud services enables banks and fintech companies to enhance agility, accelerate time-to-market for new products and services, and improve operational efficiency. With the cloud, financial institutions can quickly scale resources based on demand, ensure data security and compliance, and focus more on innovation rather than managing infrastructure, driving the adoption of cloud-based open banking solutions across the industry.
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