Open Banking Market is Reshaping Financial Services with FinTech Advancements

Through APIs, open banking allows third-party financial service providers to get access to bank and non-bank financial institutions' transactions and other financial data. Open banking has numerous benefits, including improved experience, more controlled and safe financial data, and better access to a greater choice of financial services. These benefits are mainly responsible for the global open banking market growth throughout the projection period. The evolving payment environment and the growing use of APIs are encouraging market expansion.

Open Banking Market size was valued at USD 20.5 Billion in 2023 and is poised to grow from USD 25.99 Billion in 2024 to USD 173.21 Billion by 2032, growing at a CAGR of 26.8% during the forecast period (2025-2032).

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For instance, more than 87% of American consumers use open banking to connect their financial accounts with third parties, according to Visa's Open Banking Consumer Survey, which was conducted in April 2022. However, only 34% of American customers know that open banking is what makes such services possible. The industry is also projected to grow based on improved broadband connectivity and growing internet penetration, which will push the market upward throughout the forecast period. The growing adoption of open banking is expected in the industry based on fast digitalization and a growing adoption of technologies such as big data analytics, machine learning, and artificial intelligence globally. It will attract more clients by improving the user experience and customizing services using big data analytics. APIs' increased security is another main reason that propels the growth of the market. In addition, the growth in global e-commerce and online buying trends supports the industry's growth.

Open Banking Market Segments Analysis:

Global Open Banking Market is segmented by Offering, by Deployment, by Digital Channel, by application, by End User and by Region.

Based on Offering, the market is segmented into Solutions, Services.
Based on Deployment, the market is segmented into Cloud, On-premise. Based on Digital Channel, the market is segmented into Web Portals, Mobile Apps.
Based on application, the market is segmented into Payment, Banking, Digital Lending, Wealth Management, Other.
Based on End User, the market is segmented into Central Banks, Retail & Commercials Banks, Investment Banks, Insurance Companies, Credit Unions, Mortgage/Loan Providers, Wealth Management Firms, Fintechs, Payment Service Providers.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Open Banking Market Key Players:

Plaid
Tink (Visa)
Yodlee (Envestnet)
TrueLayer
Figo
SaltEdge
Token.io
Mambu
W.UP (Finastra)
OpenWrks
MX
Finicity (Mastercard)
Form3
Nordic API Gateway (Mastercard)
Meniga
BBVA Open Platform
Marqeta
Bankable
Teller
Bud Financial

Open Banking Market Regional Insights:

Europe dominated the open banking industry in 2024 with a market share of 36.9% because of its substantial focus on the enhancement of the security of online payments. Boosting demand for secure online transactions and expanding use of open financial platforms are the two major growth drivers for market expansion. Banks then would be mandated to open their APIs as government needs, specifically that of the European Union's Payment Services Directive (PSD2), promote innovation and collaboration around the financial industry. Furthermore, the market growth is facilitated by the fact that there are many respectable fintech companies, banks, and technology providers in Europe. During the later phases of evolution, open banking ecosystems will raise new possibilities for financial institutions to enhance the security of transactions and the overall customer experience throughout the region.

Open Banking Key Market Trends:

Cooperation Between Fintech and Banks: Increased cooperation between fintech firms and traditional banks is the newest development in the open banking market. In collaboration, banks will be able to gain access to innovative technology and customer-centric solutions, and fintechs will be able to take advantage of reputable brands and customers of such well-established financial houses. This collaboration gives rise to new service developments such as fast payments, budgeting applications, and tailored loans.

AI and Machine Learning Integration: The open banking systems rapidly take on AI and machine learning to improve decision-making and customer services. It would enable the banks and third-party vendors to produce the relevant risk scores, predictive analytics, and personal recommendations for the customers. It has transformed service delivery and significantly enhanced open banking's capacity to respond to client needs through the exploitation of vast financial data.

What's more, it likewise covers the request and give of the promoting research concentrate in the assessed figure time frame. Explained investigation of the market players with their profile, deals examination and serious scene is given in the report. Besides, organization, joint effort and consolidations in the business are referenced for the accommodation of the investigation of the global Open Banking industry.

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Objectives of the Study:

Looking ahead, the Open Banking Market is poised for continued growth, driven by evolving consumer preferences and ongoing innovations. The trend towards sustainability is expected to strengthen, with more consumers seeking products that align with their values. Additionally, the integration of advanced technologies and digital platforms will likely further enhance market accessibility and consumer engagement. The global Open Banking Market is a dynamic and evolving landscape, shaped by a confluence of trends and factors.

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