Open banking is a financial service that allows for the electronic sharing of financial data. Additionally, application programming interfaces (APIs) are used by open banking services to conduct a secure financial data transfer. The interchange of financial data between banks and other service providers is another thing that happens. An open API affords protection to client private data, such as the transaction histories and patterns collected by third-party service providers. This enables simple access to publicly available data, such a bank's product offerings. As a result, the financial data gathered about a client is used to create sophisticated applications that are meant to enhance the user experience for financial services.
An increase in the use of new wave apps and services is one of the main factors that supports the expansion of the open banking sector. Additionally, the open banking industry needs to grow to be supported by a rise in customer engagement and active banking customers. An open banking platform also has several advantages that benefit all parties involved in the financial services industry, including banks, businesses, Fintechs, and innovators.
Segmental Analysis of Global Open Banking Market:
Based on Service
- Transactional Services
- Communicative Services
- Information Services
Based on Financial Services
- Digital Currencies
- Payments
- Banking and Capital Markets
- Value Added Services
Based on Distribution Channel
- Bank Channel
- App Market
- Distributors
- Aggregators
Based on Deployment Type
- On-cloud
- On-premises
- Hybrid
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Top Key Players:-
- Tink
- Cross River Bank
- TrueLayer
- Cashfree Payments
- Plaid
- Solarisbank
- Railsbank
- Yapily
- MX
- Minna Technologies
- Cloudentity
- Acorns
- Affirm
- American Express
- Aspiration
- Azlo
- Zeta
- BBVA Open Platform Inc
- Credit Agricole
- DemystData
- Finastra
- Figo
- Jack Henry Associates
- FormFree
- Mambu
- NCR Corporation
- Mineral Tree Inc.
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Frequently Asked Questions (FAQ):
- Which are the factors that drives open banking market growth?
- Who are the leading players in open banking market?
- What are the key growth strategies of open banking market players?
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