Global Open Banking Market and Trends Report 2021

·4 min read

DUBLIN, Oct. 27, 2021 /PRNewswire/ -- The "Global Open Banking Market and Trends 2021" report has been added to ResearchAndMarkets.com's offering.

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"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/kyh7nc

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