Open Banking Market Size, Share & Trends Report

Open Banking Market Size, Share & Trends Analysis Report By Services (Banking & Capital Markets, Payments), By Deployment, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68039-973-7
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2021
  • Industry: Technology

Market Segmentation

  • Open Banking Services Outlook (Revenue, USD Billion, 2017 - 2030)
    • Banking & Capital Markets
    • Payments
    • Digital Currencies
    • Value Added Services
  • Open Banking Deployment Outlook (Revenue, USD Billion, 2017 - 2030)
    • Cloud
    • On-premise
  • Open Banking Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2030)
    • Bank Channels
    • App Markets
    • Distributors
    • Aggregators
  • Open Banking Regional Outlook (Revenue, USD Billion, 2017 - 2030)
    • North America
      • North America Open Banking Market, by Services
        • Banking & Capital Markets
        • Payments
        • Digital Currencies
        • Value Added Services
      • North America Open Banking Market, by Deployment
        • Cloud
        • On-premise
      • North America Open Banking Market, by Distribution Channel
        • Bank Channels
        • App Markets
        • Distributors
        • Aggregators
      • U.S.
        • U.S. Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • U.S. Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • U.S. Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • Canada
        • Canada Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • Canada Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • Canada Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
    • Europe
      • Europe Open Banking Market, by Services
        • Banking & Capital Markets
        • Payments
        • Digital Currencies
        • Value Added Services
      • Europe Open Banking Market, by Deployment
        • Cloud
        • On-premise
      • Europe Open Banking Market, by Distribution Channel
        • Bank Channels
        • App Markets
        • Distributors
        • Aggregators
      • UK
        • UK Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • UK Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • UK Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • Germany
        • Germany Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • Germany Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • Germany Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • France
        • France Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • France Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • France Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
    • Asia Pacific
      • Asia Pacific Open Banking Market, by Services
        • Banking & Capital Markets
        • Payments
        • Digital Currencies
        • Value Added Services
      • Asia Pacific Open Banking Market, by Deployment
        • Cloud
        • On-premise
      • Asia Pacific Open Banking Market, by Distribution Channel
        • Bank Channels
        • App Markets
        • Distributors
        • Aggregators
      • China
        • China Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • China Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • China Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • India
        • India Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • India Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • India Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • Japan
        • Japan Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • Japan Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • Japan Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • South Korea
        • South Korea Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • South Korea Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • South Korea Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • Australia
        • Australia Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • Australia Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • Australia Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
    • Latin America
      • Latin America Open Banking Market, by Services
        • Banking & Capital Markets
        • Payments
        • Digital Currencies
        • Value Added Services
      • Latin America Open Banking Market, by Deployment
        • Cloud
        • On-premise
      • Latin America Open Banking Market, by Distribution Channel
        • Bank Channels
        • App Markets
        • Distributors
        • Aggregators
      • Brazil
        • Brazil Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • Brazil Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • Brazil Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • Mexico
        • Mexico Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • Mexico Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • Mexico Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
    • MEA
      • MEA Open Banking Market, by Services
        • Banking & Capital Markets
        • Payments
        • Digital Currencies
        • Value Added Services
      • MEA Open Banking Market, by Deployment
        • Cloud
        • On-premise
      • MEA Open Banking Market, by Distribution Channel
        • Bank Channels
        • Apps Markets
        • Distributors
        • Aggregators
      • The Kingdom of Saudi Arabia
        • The Kingdom of Saudi Arabia Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • The Kingdom of Saudi Arabia Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • The Kingdom of Saudi Arabia Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • Kingdom of Bahrain
        • Kingdom of Bahrain Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • Kingdom of Bahrain Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • Kingdom of Bahrain Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators
      • South Africa
        • South Africa Open Banking Market, by Services
          • Banking & Capital Markets
          • Payments
          • Digital Currencies
          • Value Added Services
        • South Africa Open Banking Market, by Deployment
          • Cloud
          • On-premise
        • South Africa Open Banking Market, by Distribution Channel
          • Bank Channels
          • App Markets
          • Distributors
          • Aggregators

Open Banking Market Dynamics

Drivers: Open Banking Apis Improving Customer Experience

Open banking APIs are paving the way for a new era in the financial sector by making banking services more accessible and meeting customer needs. These APIs are being offered by financial institutions and have the potential to allow third parties and banks to create innovative services. Open banking platforms also give customers the ability to interact with their financial data in new ways. Recognizing the advantages of open banking, banks are progressively enhancing their services to boost customer engagement and enhance the customer experience. In essence, open banking is introducing new methods to increase user engagement, which is anticipated to accelerate the global adoption of open banking. In addition to financial services, many banks have begun to offer extra features through collaborations with third-party businesses, integrating their products into the bank’s website to provide a more user-friendly experience. For example, Tinkoff, a Russian bank, offers around 8 million users access to a range of consumer lifestyle services, in addition to financial services, via its mobile app and web interface. Tinkoff customers can earn promotional rewards and loyalty points for making various purchases, from theatre tickets to restaurant reservations. This approach is helping Tinkoff extend its brand beyond just being a traditional financial institution.

Growing Preference For New Applications And Services To Obtain Consolidated Account Information

Open banking applications, offered by both banks and third-party providers, are creating the potential for clients to access consolidated account information from various financial service providers. These applications and services typically assist in the effective and efficient management of client data and funds. They are also being used to guide customers on better wealth management. As a result, open banking enables consumers to access a variety of digital financial services. These include digital identity services, KYC process automation services, transaction monitoring, financial management services, and onboarding process automation, among others. These can benefit both customers and merchants by simplifying their payment processes. Fintech services based on open banking data are gaining momentum in the banking and financial services industry verticals. Customers are eager to save time and money while improving their financial situation. For example, according to Finicity, a MasterCard Inc. company, bill payment has now become mainstream, with eight out of ten Americans stating that they prefer a digital tool or service to pay their bills. Other traditional financial activities, such as tax filing, money transfers between friends and family, and enterprise payments, are also being conducted digitally.

Restrains: Increasing Instances Of Online Fraud And Growing Concerns Over Data Security And Privacy Protection

The surge in cyberattacks globally shows no signs of slowing down. With the ongoing digital transformation and the shift in work patterns from ‘office-based’ to ‘home-based’ due to the COVID-19 pandemic, data is increasingly vulnerable to cyberattacks. As reported by Check Point Software Technologies, businesses faced 40% more weekly cyberattacks in 2021 compared to 2020. As cyberattacks become more advanced, organizations are proactively investing in solutions that could potentially bolster data security and prevent any malicious attempts to breach cybersecurity and access crucial data. Confidential financial data protection is viewed as a critical business practice, and open banking can serve as an effective means for it. Open banking provides a secure way for providers to access financial information. While open banking introduces new products and services to help consumers and businesses negotiate better and aims to foster innovation in financial services, it could also give rise to new business challenges. According to an article by Finextra, open banking is prompting financial organizations to share client data more than ever before, but some of this data is fraudulent. This suggests that bank data could be compromised, and customers’ IDs could be stolen due to the adoption of open banking, potentially leading to more substantial losses from fraud. Therefore, while open banking promotes the sharing of essential customer information, it also raises concerns about data security and privacy protection. Consequently, numerous open banking companies are undertaking various strategic initiatives to ensure that critical data is shared securely and with consent. 

What Does This Report Include?

This section will provide insights into the contents included in this open banking market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Open banking market qualitative analysis

  • Industry overview

  • Industry trends

  • Market drivers and restraints

  • Market size

  • Growth prospects

  • Porter’s analysis

  • PESTEL analysis

  • Key market opportunities prioritized

  • Competitive landscape

    • Company overview

    • Financial performance

    • Product benchmarking

    • Latest strategic developments

Open banking market quantitative analysis

  • Market size, estimates, and forecast from 2017 to 2030

  • Market estimates and forecast for product segments up to 2030

  • Regional market size and forecast for product segments up to 2030

  • Market estimates and forecast for application segments up to 2030

  • Regional market size and forecast for application segments up to 2030

  • Company financial performance

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