Rise of Open Banking Market Post Covid in Era

What is Open Banking?

The open banking is nothing but the practice of sharing financial information electronically, very securely and under the conditions that approved by customers. The third-party financial service with this open banking providers have open access to consumer banking, transaction and other financial data from banks and non-banks financial institutions. This access is with the use of application programming interfaces (APIs). It will allow the networking of accounts and data across institutions for use by consumers, third-party service providers and financial institutions.

Open Banking Market Outlook

Open Banking Market is valued at USD 11287.88 Million in 2020 and is expected to reach USD 52042.13 Million by 2027 with the CAGR of 24.40% over the forecast period.

Brandessence’s lead Analyst says “ Factors such as increasing number of people using new wave apps and services, rising customer engagement and attending banking customers need and rise in advantages of an open banking platform are some of the major factors driving the growth of the market.

Major Players operating in Open Banking Industry

Barclays, Royal Bank of Scotland Group, Wells Fargo, Nationwide Building Society, Capital One Citigroup, Banco Santander, Lloyds Banking Group, DBS Bank, BBVA, HSBC Bank plc and many others are contributing in the market growth

North America Open Banking Market Outlook:

Geographically, North America region is expected to dominate the global open banking market due to the region has banking institutions making aggressive investments in developing APIs. Also the region has quick adoption of advanced technologies and presence of majority key players.

Asia Pacific Open Banking Market Outlook:

Asia Pacific region is expected to witness a fastest growth in the global open banking market owing to the surge in number of banks investing in open application programming interface (APIs) management platforms in this region.