Digital Transformation to Promote Fintech Company to Provide Open Banking Solutions

Global open banking market is anticipated to grow at a CAGR of 29.4% during the forecast period (2024-2031). The increasing digital transformation of banks is driving the global open banking market. Open banking APIs enable banks to collaborate with FinTech startups and third-party providers, fostering innovation and enhancing customer experience. Open banking also allows banks to tap into new customer segments, improve efficiency by streamlining processes, and access customer data for data-driven decision-making. Therefore, key companies operating in the BFSI sector are launching open banking solutions to meet their customers’ demands.  

Browse the full report description of “Open Banking Market Size, Share & Trends Analysis Report by Services (Banking & Capital Markets, Payments, Digital Currencies, and Value Added Services), by Deployment Mode (Cloud, and On-Premise), and by Distribution Channel (Bank Channels, App Markets, Distributors, and Aggregators) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/open-banking-market

Recent Developments-

• In March 2023, Payer Financial Services AB, a developer of a business-to-business payment platform, introduced B2B open banking payments in Sweden. The company, via open banking APIs, assisted businesses in capturing payments with complete reconciliation and settlement, providing merchants with complete visibility of the payment status in real time.

• In September 2022, PCI Pal, a financial services company, announced the launch of the Pay By Bank open banking solution for contact centers. As a result of this launch, the company enables merchants to lower transaction costs and provide instant refunds, along with reduced fraud risk and chargeback costs.

Market Coverage

• The market number available for – 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Services

o By Deployment Mode

o By Distribution Channels

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- Plaid Inc., Finastra, Tink AB, True Layer, and Bud 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?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Open Banking Market Report Segment

By Services

• Banking & Capital Markets
• Payments
• Digital Currencies
• Value Added Services

By Deployment Mode

• • Cloud
• • On-premises

By Distribution Channel

• Bank Channels
• App Markets
• Distributors
• Aggregators 

Global Open Banking Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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