According to SPER Market Research, the Open Banking Market is A financial service called “open banking” allows for the electronic sharing of financial data. Additionally, open banking services use application programming interfaces (APIs) to perform a secure financial data transfer. Banks and outside service providers also communicate financial data back and forth. Customers’ transaction histories and patterns, which are collected by third-party service providers, are secured by an open API, making it simple to access publicly available data, such as a bank’s product offerings. In order to improve the user experience related to the usage of financial services, innovative applications are developed using the financial information obtained for a customer. One of the key elements supporting the development of the open banking sector is a rise in the adoption of new wave applications and services. The open banking sector also needs to expand in order to be supported by an increase in customer engagement and active banking clients. All parties participating in the financial services sector, including banks, enterprises, FinTech, and innovators, can gain from an open banking platform’s many benefits.
Due to the increase in usage and adoption of application programming interfaces (APIs) by consumers to carry out payment procedures, the COVID-19 pandemic has a substantial impact on the open banking sector. Thanks to market-wide technical developments, open banking is expanding rapidly. Additionally, to support the open banking platforms, banks and the fintech sector are offering their clients capabilities in APIs that are acceptable and beneficial. In turn, during the current global health crisis, this has turned into one of the main development causes for the open banking sector.
Open Banking Market Overview:
- Forecast CAGR (2022-2032): 27.45%.
- Forecast Market Size (2032): 226.96 billion
Impact of COVID-19 on the Global Open Banking Market:
Due to the increase in usage and adoption of application programming interfaces (APIs) by consumers to carry out payment procedures, the COVID-19 pandemic has a substantial impact on the open banking sector. Thanks to market-wide technical developments, open banking is expanding rapidly. Additionally, to support the open banking platforms, banks and the fintech sector are offering their clients capabilities in APIs that are acceptable and beneficial. In turn, during the current global health crisis, this has turned into one of the main development causes for the open banking sector. Over the course of the projection period, the COVID-19 pandemic outbreak is anticipated to have a significant impact on the market’s growth. The epidemic raised the need for contactless payments, which led to an increase in the need for open banking on a global scale. To deliver cutting-edge digital solutions and spur industry growth, numerous fintech startups partnered with significant market participants.
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Open Banking Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Services:
- Banking & Capital Markets
- Payments
- Digital Currencies
- Value Added Services
By Deployment:
- Cloud
- On-premise
By Distribution Channel:
- Bank Channels
- App Markets
- Distributors
- Aggregators
By Region:
- Asia-Pacific
- Europe
- Middle East
- Africa
- North America
- Latin America
The global open banking market report covers Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, and the United States.
Open Banking Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Banco Bilbao Vizcaya Argentaria, S.A., Crédit Agricole, DemystData, Ltd., Finleap connect, Finastra, FormFree Holdings Corporation, Jack Henry & Associates, Inc., Mambu., Mineral Tree, Inc., NCR Corporation.
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