The global open banking market is anticipated to grow at a significant CAGR of 24.2% during the forecast period (2022-2028). Open banking is a service that allows the digital transfer of data connected to a customer’s bank account. The key driver of the market includes the increased usage of online platforms for payment. With the development of new payment methods, more e-commerce use, improved internet connectivity, and the introduction of new technologies, the digital payment system is fast expanding. Online systems such as PhonePe, Paytm, and Google Pay employ payment gateway APIs to facilitate recurring invoicing, and these APIs are frequently used in open banking. For instance, in July 2021, PhonePe, a digital payments network, reached a new milestone by completing 1.5 billion transactions through its unified payments interface (UPI). As a result, the expansion of the open banking market is projected to be fueled by the increased usage of online platforms for payment processing in the coming years.
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Additionally, an open banking platform benefits all stakeholders in the financial services industry, including consumers, businesses, fintech firms, innovators, and banks. One of the most significant advantages is the wide range of credit services available to consumers. Companies that make loans will now be able to provide credit offers much faster through open banking, allowing consumers to acquire the money they need at the exact moment they need it.
In the open banking market, big data analytics is becoming more popular. Big data analytics is the process of gathering, processing, and analyzing both structured and unstructured data. Big data analytics is mostly used to extract business insights from data. Big data analytics is utilized in the open banking sector to tailor services and improve the client experience. As a result, banks are using existing consumer data, technological advancements, big data analytics, and artificial intelligence to provide new and personalized services targeted to the changing needs of individual customers, hence propelling market growth. For instance, in 2020, HSBC Bank plc, a UK-based investment banking firm, boosted its investment through artificial intelligence and big data analytics solutions to control financial crime risk.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Indication
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Banco Bilbao Vizcaya Argentaria, S.A., Credit Agricole, DemystData, Ltd., Finastra, and Jack Henry & Associates, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Open Banking Market Report by Segment
By Financial Services
- Banking and Capital Markets
- Payments
- Digital Currencies
- Value-Added Services
By Distribution Channel
- Bank Channel
- App market
- Distributors
- Aggregators
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