Global Open Banking Market and Trends Report 2021 - Open Banking is Likely to Undergo a Rapid Increase in the Open Banking Adoption Rate
Dublin, Oct. 26, 2021 (GLOBE NEWSWIRE) -- The "Global Open Banking Market and Trends 2021" report has been added to ResearchAndMarkets.com's offering.
"Global Open Banking Market and Trends 2021" provides a comprehensive summary of the new developments within the Open Banking market across the global regions and shares insights into the market trends.
Open Banking spreads beyond Europe
Among other findings, the publication reveals that many countries which have functioning Open Banking ecosystems followed the European regulatory-driven approach.
Open Banking is likely to undergo a rapid increase in the Open Banking adoption rate
Countries around the world are dramatically divided on the level of Open Banking sophistication, and many markets are still only considering or even resisting the system. However, markets that decided to open their banking systems either followed the regulatory approach modelled by Europe or were driven by consumer willingness to exchange data for certain benefits.
Europe, the key Open Banking region, with the UK as a clear leader, is expected to dominate OB in transaction numbers for the next several years. The Asia-Pacific region follows Europe, but the adoption rate gap between the two is significant.
In Europe, the leading Open Banking market, implementation, and acceptance varies
The European Open Banking landscape, based on the PSD2 legislation, is more developed than other regions globally. Moreover, the region has a clear leader - the United Kingdom, an Open Banking pioneer. As of March 2021, the country's ecosystem had already over two hundred Third-Party Providers (TPPs) and more than three million consumers benefiting from Open Banking.
Germany follows the UK in the level of Application Programming Initiative acceptance, however, by the number of TPPs in the market, Germany is still far distant from the UK. Additionally, even in the leading markets, consumer resistance to data sharing remains a key barrier to further Open Banking implementation.
Several other global regions are making efforts to catch up with Europe in terms of Open Banking development
Following the European example, other regions across the globe started developing their Open Banking ecosystems. Some such as in Australia, Mexico, Brazil, and South Africa saw regulators implementing legislation to facilitate OB. Meanwhile, others were driven by markets and only later were offered guidelines from policy makers.
This was the case in China, the USA, Canada, and others, as explained in the new publication. In general, Open Banking ecosystems across the world are forecasted to extend in adoption within the coming years and additional countries are expected to connect as the system's benefits become clearer for the regulators, financial institutions, and consumers.
Global Market Overview
Number of Cashless Transactions, in billions, by Region, 2020 & 2025f & 2030f
Countries Where Open Banking Services are Offered, incl. State of Development, June 2021
Share of Financial Institutions that Currently Considering/Have Started the Process/Have Opened APIs, in % of Financial Professionals, 2021
Open Banking Structural Overview, November 2020
Key Tenets of Open Banking, January 2021
Open Banking Market Size Valuation, in USD million, 2020 & 2027f
Number of Open Banking Users, in millions, 2020 - 2024f
Share of Consumers Who Do not Use Open Banking, and Who Do not Use Financial Apps, in %, March 2021
Impact of Open Banking on Organizations, in % of Financial Professionals, June 2021
Impact of Open Banking on Organizations, in % of Financial Professionals, 2020 & 2021
Consumer Attitude Toward Data Sharing in Open Banking, in %, March 2021
Consumer Attitude Toward Banks' Approach to Offer Open Banking, in %, March 2021
Reasons to Join Open Banking after the COVID-19 Pandemic, in % of Consumers, March 2021
Share of Banking Executives Who are Unsure How to Embrace Open Banking and Orchestrate Ecosystem, in %, 2021
Share of Banking Executives Who are Unsure How to Embrace Open Banking and Orchestrate Ecosystem, in %, 2021
Open Banking Funding Value, in USD million, 2018 - 2021
Overview of Service Platforms in Open Banking, incl. Company Examples, April 2021
Companies Mentioned
Ant Financial
Apollo Finvest
Bankable
Cardlytics
China Construct
Citi Bank
ClearScore
Comdirect
Commerzbank
DBS Bank
Deposit Solutions
DepositSolutions
Deutsche Bank
DriveWealth
Fidel
FinTecSystems
FinVu
ICBC China
Ikano Bank
Industrial Bank of Korea
ING-DiBa
K Bank
Kabbage
Kakao Bank
KB Kookmin Bank
KEB Hana Bank Global
M2P YAP
Marqeta
Mono
MTN
Nium
Nonghyup Bank
Nordic API Gateaway
Okra
Onego Bank
Onemoney
OnePipe
OTP Bank
Payoneer
Perfios
Plaid
Promsvyazbank
Raiffeisen Bank
Railsbank
Raisin
Rapyd
Saltege
Shinhan Bank
SolarisBank
StitchStripe
Tink
Tinkoff Bank
Tochka
Transferwise
TrueID
TrueLayer
WeBank
Woori Bank
Yapily
For more information about this report visit https://www.researchandmarkets.com/r/3zve3o
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