London, UK -- (SBWIRE) -- 10/11/2022 -- The latest market analysis report titled Open Banking 2021 – Thematic Research has been added to GlobalData Plc report store. The report has identified that the adoption of open banking is gradually rising due to the increasing number of users willing to withdraw money directly from their accounts and see their payment account information from different bank accounts in one place.
View Report Outlook at: https://www.globaldata.com/store/report/open-banking-theme-analysis/
Open banking creates a multidimensional view of what the core value of banking is. The ability to disaggregate component pieces of value, and to distribute them in multiple forms, becomes a core competency in the open banking era. The favored method for sharing banking data is through APIs, which are simply sets of instructions that allow an IT system (such as one belonging to a bank) to communicate with another IT system (such as one belonging to a fintech provider). For minimizing compatibility issues, APIs are typically designed around common standards governing the security, formatting, transmission, and accessibility of data.
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Open Banking Market Players
GlobalData highlights some of the leading companies making their mark within sub-categories of the open banking theme outlined within this report.
Infrastructure
- Backbase
- Finastra
- Mambu
- Thought Machine
API Platforms
- Bud
- Plaid
- Salt Edge
- Tink
- True Layer
- Yolt
BaaS
- Cross River
- Fidor
- Railsbank
- Standard Chartered
Data/Platforms
- BBVA
- Capital One
- DBS
- OCBC
Money management
- Meniga
- Moven
Payments
- Apple
- Kakao
- Google Pay
- PayPal
Credit decision/lending
- Blend
- Credit Kudos
- DNB
- Experian
- Habito
- LenddoEFL
- OakNorth
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Open Banking Market Trends
The main trends shaping the open banking theme over the next 12–24 months are shown below. The report classifies these trends into three categories:
Technology trends
- Unbundling of the value chain drives 'platformification'
- Legacy modernization to support open banking volumes
- Cloud migration to enable secure openness
- Incumbents and new entrants use open banking-enabled Know Your Customer (KYC)and onboarding
- BaaS
- AI-driven analytics
- Payment initiation service providers (PISPs)
- Heightened focus on API security
- Data democratization to diffuse data and insights internally
Macroeconomic trends
- Adapting to long-term ultra-low interest rates with subscription pricing
- Responding to threats from new entrants
- The global pandemic
- COVID-19 drives embedded finance
- Partner performance
- Financial inclusion
Regulatory trends
- Data governance
- Fair treatment
- How to handle consent and permissions
- Partnership terms
- Regulatory limits to 'platformification'
- Other countries emulating the European top-down model
- Moving towards a PSD3
Get a Sample PDF at: https://www.globaldata.com/store/talk-to-us/?report=3069112
Open Banking Value Chain Highlights
For succeeding in open banking, incumbent banks running on legacy-based platforms will need to digitally transform by acquiring new technology capabilities. This will enable firms to disaggregate specific pieces of data, infrastructure, or products and concurrently pursue multiple routes to market, with multiple customers and multiple products. Below, we map out the new chain capabilities for incumbent financial service providers based on these new routes to market.
- D2C
- As a service
- B2B / B2B2C
- Marketplace / platform
Know more about the Open Banking Value Chain Components at: https://www.globaldata.com/store/talk-to-us/?report=3069112
Related Reports
https://www.globaldata.com/store/report/cloud-computing-in-banking-thematic-research/
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