Press release
Open Banking Market Size Share Growth Trends and Forecast 2024-2031
Furthermore, open banking initiatives are gaining traction worldwide, with various regions and countries embracing the concept.
Europe has been at the forefront of open banking, covering more than 44.4%, followed by regions like North America, Asia-Pacific, and Latin America, where open banking ecosystems are evolving.
European countries have embraced open banking, with many banks and financial institutions actively implementing open banking APIs and infrastructure. Countries such as the UK, Germany, and the Nordic countries hold nearly 2/3rd of the region and have been particularly proactive in fostering open banking ecosystems.
Market Trends :
Rising Digital Payments Ecosystem
The rising demand for digital payments and the evolving open banking landscape are mutually reinforcing, as open banking provides the framework and infrastructure to enable secure and seamless digital payment experiences.
The surge in digital payments, including mobile payments, online shopping, and peer-to-peer transfers, has significantly increased transaction volume. Open banking enables seamless integration of payment services and facilitates direct bank transfers, which supports the growing demand for digital payments.
Companies are also investing in improving digital payments and incorporating open banking solutions. For instance, the Arab National Bank (ANB), a financial institution in Saudi Arabia, integrated the open hybrid cloud platforms of Red Hat in December 2021 to support the development of digital banking and open finance. ANB seeks to develop relationships with ecosystem partners more efficiently and securely.
ANB is believed to achieve this on its Red Hat platform by utilizing a microservices integration layer and APIs to create cloud-native applications and Banking-as-a-Service (BaaS) offerings.
Download Free PDF Sample -https://www.datamintelligence.com/download-sample/open-banking-market
Market Segmentation :
The Global Open Banking Market is segmented based on service, deployment, distribution channel and region.
Growing Banks' Investments On Digital Transformation Initiatives And Upgrading Their Technology Infrastructure
Banking & Capital Markets are expected to show significant growth in the Global Open Banking Market covering nearly 1/3rd in 2022. The Banking & Capital Markets sector encompasses traditional banks, financial institutions, and investment firms. It plays a vital role in open banking as it holds customer data and has established infrastructure, making it well-positioned to leverage open banking opportunities.
Furthermore, banks invest in digital transformation initiatives, upgrade their technology infrastructure, and develop user-friendly mobile and web applications. This digital shift allows customers to access their financial information, initiate transactions, and explore new financial products and services conveniently and in real-time. Open banking acts as an enabler for banks to deliver seamless digital experiences to their customers.
Geographical Share :
Europe's Growing Need For Improved Online Payment Security
In 2022, Europe dominated the open banking market, generating more than 39.4% of global revenue. The regional market expansion can be attributed to the region's growing need for improved online payment security. The government's orders to banks to compel the opening of APIs is another factor driving market expansion in this region. The regional market is anticipated to increase as a result of the existence of several notable companies.
Furthermore, Europe has been at the forefront of open banking regulations with implementing the Revised Payment Services Directive (PSD2) in 2018. PSD2 mandates banks to provide open access to customer data through standardized APIs, enabling third-party providers to offer innovative financial services. The regulatory framework promotes competition, consumer protection, and innovation in the European financial sector.
To Know More Insights - https://www.datamintelligence.com/research-report/open-banking-market
Competitive Landscape
The major global players include Banco Bilbao Vizcaya Argentaria S.A, Plaid Inc., TrueLayer Ltd, Finleap Connect, Finastra, Tink, Jack Henry & Associates, Inc, Mambu, MuleSoft and NCR Corporation.
Related Reports :-
Neobanking Market :- https://www.datamintelligence.com/research-report/neobanking-market
Remittance Market :- https://www.datamintelligence.com/research-report/remittance-market
Digital Money Transfer and Remittances Market :- https://www.datamintelligence.com/research-report/digital-money-transfer-and-remittances-market
Health Insurance Market :- https://www.datamintelligence.com/research-report/health-insurance-market
Company Name: DataM Intelligence
Contact Person: Sai.K
Email: info@datamintelligence.com
Phone: +1 877 441 4866
Website:https://www.datamintelligence.com/
About DataM Intelligence
DataM Intelligence 4Market Research is a Market Research firm that provides end-to-end business solutions to organizations from Research to Consulting. We at DataM Intelligence leverage our top trademark trends, insights, and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of Syndicate Reports & and; Customized Reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries, catering to the key business research needs that influence the growth trajectory of our vast clientele.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Open Banking Market Size Share Growth Trends and Forecast 2024-2031 here
News-ID: 3476317 • Views: …
More Releases from DataM Intelligence
Hemostats Market Report Analysis, Research Studies | Lifesciences, Artivion, Med …
Global Hemostats Market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031
A hemostat is a surgical instrument used to control bleeding by clamping shut exposed blood vessels. Resembling pliers or scissors, it features a locking mechanism with interlocking teeth that allows precise adjustment of clamping force. Hemostats are typically employed during the…
Nitinol Medical Devices Industry is Expected to Reach High Growth by 2031 - Medt …
Global Nitinol Medical Devices Market is expected to reach at a high CAGR during the forecast period 2024-2031.
Nitinol, an equiatomic alloy of nickel and titanium, is known for its unique properties, including superelasticity and shape memory. These characteristics allow nitinol-based medical devices to compress into a smaller profile for insertion and then expand to their intended size and shape once implanted. Commonly used in cardiovascular devices such as stents, heart…
Surgical Microscope Market Statistical Forecast, Trade Analysis 2024 - Topcon Me …
Global Surgical Microscopes Market is expected to reach at a high CAGR during the forecast period 2024-2031.
A surgical microscope, or operating microscope, is designed specifically for use in surgical settings, particularly in microsurgery. It offers adjustable magnification, bright illumination, and enhanced clarity of the surgical field, making it essential in operating rooms. Featuring high-precision optics and high-power coaxial illumination, these microscopes provide surgeons with adjustable magnification, optimal working distance, and…
Medical Radiation Shielding Industry to Witness Massive Growth (2024-2031) | RAD …
The global medical radiation shielding market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.
Medical radiation shielding involves using protective barriers to guard against radiation exposure, which is crucial in medical settings, especially during fluoroscopic procedures. While radiation is primarily used for diagnostics and cancer therapy, it also poses a risk to…
More Releases for Bank
Mortgage-Backed Security Market 2022: Industry Manufacturers Forecasts- Construc …
The Mortgage-Backed Security research report is the professional report with the premium insights which includes the size of the business, the ongoing patterns, drivers, dangers, conceivable outcomes and primary segments. The Market Report predicts the future progress of the Mortgage-Backed Security market based on accurate estimations. Furthermore, the report offers actionable insights into the future growth of the market based on inputs from industry experts to help readers formulate effective…
Doorstep Banking Services Market Challenges and Opportunities in Banking Service …
Doorstep banking is a facility provided so that user don't have to visit bank branches for routine banking activities like cash deposit, cash withdrawal, cheque deposit, or making a demand draft. The bank extends these facilities at user work place by appointing a service provider on your behalf.
This service was earlier available only to senior citizens but it is available to everyone with nominal fee charges, depending on the type…
Payments Landscape in Iran: Opportunities and Risks to 2021- Bank Saderat Iran, …
Payments Landscape in Iran: Opportunities and Risks to 2021
Publisher's "Payments Landscape in Iran: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Iranian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards and cheques during the review-period (2013-17e).
The report also analyzes various payment card markets operating in the industry, and provides detailed…
India Retail Banking Market Dynamics 2018 by SBI ICICI, HDFC, Axis Bank, Bank of …
Margins among Indian banks remained high at 6.3% in 2017 in comparison to its peers China (2.8%) and Malaysia (2.6%). The average cost-to-income ratio remained at around 53% during 2013-17, marginally higher than China (50%) and Malaysia (51%). However, there remain large disparities in operating efficiencies within the market. The same is also true for profitability, with large disparities in return on assets figures. This is due to rising compliance,…
Payments Landscape in Iran: Opportunities and Risks to 2021- Bank Saderat Iran, …
Payments Landscape in Iran: Opportunities and Risks to 2021
Publisher's "Payments Landscape in Iran: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Iranian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including payment cards and cheques during the review-period (2013-17e).
The report also analyzes various payment card markets operating in the industry, and provides detailed…
India Retail Banking Market Dynamics 2018 by SBI ICICI, HDFC, Axis Bank, Bank o …
Margins among Indian banks remained high at 6.3% in 2017 in comparison to its peers China (2.8%) and Malaysia (2.6%). The average cost-to-income ratio remained at around 53% during 2013-17, marginally higher than China (50%) and Malaysia (51%). However, there remain large disparities in operating efficiencies within the market. The same is also true for profitability, with large disparities in return on assets figures. This is due to rising compliance, regulatory, and other…
