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Open Banking Market 2017-2023| Major Growth Key Players Accern, JackHenry and Associates , D3 Banking, Demyst Data , Figo GMBH, FinGenius, FormFree, Mambu GmbH and MineralTree

11-13-2018 07:42 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Open Banking

Open Banking

Open banking is a banking service in which the bank account data is shared through secured open Application Programing Interface (APIs). This type of service provides convenience to the customers or businesses that can manage their wealth more effectively. With open banking, the consumer has the flexibility to access their bank account details at any time providing them with updated information. Banks plan to collaborate with third-party service providers in future, however, they are expected to relinquish control over their customer relationships.

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Increase in technological development drives the market growth. Many retail banks shift their focus from stand-alone technology projects to an environment where there is continuous technological improvement. An important trend that propels the market growth is the use of big data analytics. The enormous competition from peers and new entrants offers a major growth opportunity in the open banking market. However, data security and increase in evets of online fraud are expected to restrict the market growth. The increase in security features due to technology development lead to market growth during the forecast period.

The open banking market is segmented on the basis of distribution channel, service type, and geography. The segmentation for distribution channel includes bank channel, app market, distributors, and aggregators. By service type, it is divided into transactional, communicative, and informative. By geography, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

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Key Benefits
•The study provides an in-depth analysis of the open banking market with current and future trends to elucidate the imminent investment pockets in the market.
•Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold in the market.
•The report provides information regarding key drivers, restraints, and opportunities.
•Quantitative analysis of the current market and estimations through 20172023 are provided to showcase the financial caliber of the market.

Key Players
•Accern Corporation (U.S.)
•JackHenry and Associates (U.S.)
•D3 Banking (U.S.)
•Demyst Data (U.S.)
•Figo GMBH (Germany)
•FinGenius (UK)
•FormFree (U.S.)
•Malauzai Software Inc. (U.S.)
•Mambu GmbH (Germany)
•MineralTree Inc. (U.S.

Access Full Report Summary: https://www.alliedmarketresearch.com/open-banking-market?utm_source=OpenPR

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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