Global Open Banking Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Open Banking Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Open Banking is a financial services term as part of financial technology that refers to: The use of Open APIs that enable third party developers to build applications and services around the financial institution. Greater financial transparency options for account holders ranging from Open Data to private data.

Market Overview:

The latest research study on the global Open Banking market finds that the global Open Banking market reached a value of USD 70778.3 million in 2022. It’s expected that the market will achieve USD 552620.35 million by 2028, exhibiting a CAGR of 40.85% during the forecast period.

Limitations

Risk management become more complicated
Open banks mainly service capabilities in the form of APIs, which make commercial banks and related parties closely linked. Faced with a larger customer base, due to lack of data, backward tools and other factors, user demand is difficult to grasp. Open banking means open risks, commercial bank partners provide a variety of scenarios, but nothing more, risk control as the core Capabilities, partners have little output, commercial banks need to bear the input risks, resonance effects and new risks formed by the superposition of internal and external risks. Whether to face the double risks of their own business and partners to enter the business, whether to establish sufficient slow release and isolation Mechanisms require commercial banks to respond in advance to avoid irreparable consequences.

Lack of relevant professional talents

Commercial banks need to restructure their organizational structure, business processes, product design, etc., and export financial services through API interfaces to connect with more related parties. Practitioners not only need to understand banking business, but also need to understand other fields of knowledge, business. Banks need a combination of knowledge about finance, internet, computers, big data, cloud computing, and the Internet of Things.

Region Overview:

Europe had the highest growth rate of all regions.

Company Overview:

The top three companies are Wells Fargo, Nationwide Building Society and Citigroup with the revenue market share of 3.71%, 3.25% and 3.05% in 2018.

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

Nationwide Building Society, together with its subsidiaries, provides retail financial services in the United Kingdom. The company offers current and savings, and individual savings accounts; residential, family deposit, retirement borrowing, and other mortgages; overdrafts, personal loans, car loans, home improvement loans, and project finance loans; and credit cards. It also provides loans to registered social landlords, loans made under the private finance initiatives, and commercial real estate loans; and syndicated lending services, as well as specialist lending services, including buy to let mortgages. In addition, the company offers home, life and critical illness, mortgage life, income protection, travel, mobile phone, breakdown, and car insurance; and investment products and services, such as financial planning services. Further, it provides treasury liquidity, derivative, and discretionary services; and mobile, Internet, and telephone banking services.

Segmentation Overview:

Among different product types, Cloud segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Fintechs segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Open Banking market covered in Chapter 3:

Banco Santander
BBVA
Capital One
DBS Bank
Wells Fargo
Royal Bank of Scotland Group
Citigroup
Nationwide Building Society
Lloyds Banking Group
HSBC Bank plc
Barclays

In Chapter 4 and Chapter 14.2, on the basis of types, the Open Banking market from 2018 to 2029 is primarily split into:

Cloud
On-premises
Hybrid

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Open Banking market from 2018 to 2029 covers:

Fintechs
Telecoms
Retailers
Banks

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)