Open Banking Market: A Comprehensive Analysis of Market Trends and Strategies for Sustainable Growth

The open banking market size has grown exponentially in recent years. It will grow from $24.67 billion in 2023 to $31.01 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to increasing demand for fast and real-time fund transfer, rising use of digital banking services, strong economic growth in emerging markets and government initiatives..

The open banking market size is expected to see exponential growth in the next few years. It will grow to $75.4 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%. The growth in the forecast period can be attributed to a surge in usage of online platforms, rising urbanization, an increase in younger generations, an increase in mergers and acquisitions and increasing adoption of financial technology for payment. Major trends in the forecast period include focus on use of big data, focus on banking as a service (baas) model, focus on personalization, focus on variable recurring payments, focus on strategic partnerships and investments and focus on new initiatives and programs..

Market Overview -
Open banking is a banking practice in which third-party financial service providers can use application programming interfaces (APIs) to gain access to consumer banking, transactions, and other data from banks and NBFCs. These APIs deliver a secure way to share financial information between two parties and make it easier for consumers to compare the details of current accounts and other banking services. Open banking unites banks, third parties, and technology providers, allowing them to exchange data easily and securely for the benefit of their consumers.

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Rapid Growth In Digital Payments Drives Expansion Of The Open Banking Market
The surge in the use of online platforms for making payments is contributing to the growth of the open banking market. The digital payment system is rapidly expanding with developing payment methods, increased e-commerce use, improved broadband access, and the advent of new technologies. Payment gateway APIs are used by online platforms such as Phone Pay, Paytm, and Google Pay to manage recurring billing, and these APIs are often used in open banking. For instance, in August 2021, Google Pay, a US-based digital wallet platform crossed 1 billion transactions. Additionally, in July 2021, PhonePe, a digital payments network, set a new milestone by processing 1.5 billion transactions through the unified payments interface (UPI). Therefore, the rise in the use of online platforms for making payments is expected to propel the growth of the open banking market going forward.

Competitive Landscape -
Major companies operating in the open banking market report are Banco Santander S.A, BBVA SA, Credit Agricole, HSBC Bank plc., Citigroup, Capital One, NatWest Group plc., DBS Bank, Lloyds Banking Group, Barclays, Axis Bank, Bank Of Baroda, BNL, FamPay, Federal Bank, Finin, HDFC Bank, Airwallex, American Express, ANZ, China Construction Bank (CCB), ICBC Bank, WeBank, ChiantiBanca, Ant Financial, Allied Irish Bank, Bank of Ireland, Danske, Nationwide, RBS Group, ING, Caixa Geral De Depositos, La Banque Postale, Cofidis, Hello bank, Bunq, BNP Paribas, Citi, OTP Bank, Ikano Bank, Oneggo Bank, Tinkoff Bank, Wise, Raiffeisen Bank, Microsoft Corporation, IBM, Amazon Web Services, Hewlett Packard Enterprise, Intel, Oracle Corporation, Deposit Solutions, Finestra, Jack Henry & Associates, Inc, Nordigen Solutions, AlphaPoint, Axway, Spire Technologies, Tarabut Gateway, Mono.

Scotiabank Drives Open Banking Innovation With Scotia Tranxacttm Digital Payments Platform
The launch of new, technologically advanced platforms and services is becoming a trend in the open banking market. Businesses are increasingly seeking more seamless access to banking and payment services. Thus, companies in the market are continuously investing in the ongoing digitization of cash and treasury management services to meet the increasingly digital needs of global business banking clients by launching new products. For instance, in August 2022, Scotiabank, a leading bank in the Americas launched Scotia TranXactTM, a digital payments platform that provides business banking clients with on-demand access to Scotiabank's payments and cash management Application Programming Interfaces (APIs). With Scotia TranXact business banking clients will have access to real-time payments, request-to-pay and account information services via APIs.

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Key Segments -

The open banking market covered in this report is segmented -

1) By Service Type: Transactional Services, Communicative, Informative Services
2) By Distribution Channel: Bank Channels, App Market, Distributors, Aggregators
3) By Financial Services: Bank And Capital Markets, Payments, Digital Currencies, Value Added Services
4) By Deployment: Cloud, On-Premises, Hybrid

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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