MarkNtel Advisors, leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently published a report on Open Banking Market and provide your business with the latest market trends and analysis from our reports to make informed decisions and stay ahead of the competition.
The Global Open Banking Market size was valued at around 22.31 billion in 2023 & is estimated to grow at a CAGR of around 25.47% during the forecast period 2024-30.
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In an era of globalization, governments worldwide recognize the significance of fostering connections between their financial institutions & consumers and their international counterparts. This has led countries like the UK, Mexico, and the US to actively endorse the adoption of open banking services, simplifying cross-border financial transactions & enriching global trade relationships. Moreover, over the past decade, North American and European nations have taken a proactive stance in democratizing access to financial products & services.
Notably, the European Banking Authority introduced the Payment Services Directive Two (PSD2) in 2015, formally inaugurating the era of open banking. Subsequently, the UK’s Competition and Markets Authority (CMA) issued progressive guidelines mandating banks to embrace open banking practices by 2018. These regulatory mandates compel banks to open up their closely held financial data to third-party providers, an initiative that has encouraged a growing number of entities to participate, further driving the Global Open Banking Market.
Finleap, Revolut Ltd., Tink AB, Salesforce Inc., Worldline S.A., Tata Consultancy Services Limited, Capgemini, Oracle, Finicity (Mastercard), Jack Henry & Associates, Inc., Finastra, Global Payments, Virtusa Corp, Plaid Inc, etc.,
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Open Banking Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2024-30, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
By Service
-Retail Banking
–Aggregation & Financial Management
–Credit Risk Decisioning
–Payments
–Origination & Onboarding
–Others
-Corporate Banking
–Corporate Treasury
–Financial Management
–Credit Decisioning
–Payments
–Value Added Services
–Others
-Capital Markets
-Others
By Distribution Channel
-Bank Channel
-App Market
-Distributors
-Aggregators
By Deployment
-On-premise
-Cloud
-Hybrid
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By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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