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Open Banking Market Projections by 2026 - Industry Outlook, Market Share, Regional Analysis

02-25-2020 10:03 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).

The key players in the global open banking market are 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), and MineralTree Inc. (U.S.).

Key Benefits
o 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.
o 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.
o The report provides information regarding key drivers, restraints, and opportunities.
o Quantitative analysis of the current market and estimations through 2019 - 2026 are provided to showcase the financial caliber of the market.

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Open Banking Market Key Segmentation:
By Distribution Channel
o Bank Channel
o App market
o Distributors
o Aggregators

By Service Type
o Transactional
o Communicative
o Informative

By Geography
o North America
o Europe
o Asia Pacific
o LAMEA

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

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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