Connect with us

Technology

Open Banking Market to Grow by USD 57.66 Billion (2024-2028) as Demand for Fast Seamless Payments Rises, AI-Driven Market Evolution Report – Technavio

Published

on

NEW YORK, Oct. 31, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global open banking market size is estimated to grow by USD 57.66 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  27.2%  during the forecast period. Increased demand for fast and seamless payments is driving market growth, with a trend towards integration of AI into open banking services. However, implementation of strict guidelines in handling personal financial data  poses a challenge.Key market players include Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Service (Banking and capital markets, Payments, and Digital currencies), Deployment (On premise and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd.

Key Market Trends Fueling Growth

The open banking market is undergoing a major shift with the incorporation of artificial intelligence (AI) into its offerings. This trend is fueled by the demand for improved user experiences and sophisticated financial management tools. In June 2024, neobank bunq, Europe’s second-largest with 12.5 million users, partnered with Mastercard. This collaboration utilizes Mastercard’s open banking platform, enabling users to consolidate accounts from multiple banks into the bunq app. By integrating AI, bunq’s advanced money assistant, Finn, enhances these insights with transaction data from various sources. For instance, users can request a comprehensive summary of their travel expenses over the past year, and Finn will gather this information from both bunq and external accounts. In February 2024, Bud Financial (Bud) and Fintech Galaxy formed a strategic alliance to strengthen the open banking ecosystem. This partnership combines Bud’s data intelligence capabilities with Fintech Galaxy’s open Finance FINX Platform, employing AI-driven data enrichment techniques. This integration empowers financial institutions to deliver personalized financial experiences by offering in-depth insights into customer behavior and financial requirements. Both parties share a common goal to maximize the potential of open banking and data intelligence, fostering innovation and customer-focused solutions within the financial sector. The integration of AI in open banking is set to disrupt the industry by providing more customized, efficient, and insightful financial services. As more institutions adopt these technologies, the global open banking market is anticipated to experience heightened competition and innovation throughout the forecast period, ultimately benefiting consumers with more targeted and intelligent financial solutions. 

Open banking is revolutionizing the payment ecosystem by enabling secure access to financial data through APIs. Broadband connectivity and advanced technologies like AI and machine learning power big data analytics, enhancing personalized financial services. This trend is transforming traditional banking by providing real-time data for informed decisions and customer-centric services. E-commerce and venture capital are driving the adoption of open banking solutions. Security is paramount, with open API frameworks and security measures protecting sensitive customer data from online fraud. Open banking platforms offer innovative financial services, including insurance products and automated savings. Banks and financial institutions collaborate with third-party service providers to offer on-premise and cloud-based financial management tools. Open banking APIs facilitate seamless payment initiation and account information solutions, enhancing customer retention. Mobile banking benefits from these advancements, offering convenient and secure transactions. Despite these advantages, data security remains a concern. Open banking solutions must prioritize security measures to ensure trust and compliance with regulatory requirements. Retail and commercial banks are embracing open banking to stay competitive and meet evolving customer expectations. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

The global open banking market is confronting a major hurdle in implementing stringent guidelines for managing personal financial data. This challenge is accentuated by recent regulatory advancements geared towards ensuring data security and adherence. In September 2024, the Financial Data Exchange (FDX) petitioned the Consumer Financial Protection Bureau (CFPB) for recognition as an authorized standard-setting organization for financial firms offering open banking services. This recognition would bolster the credibility and influence of FDX’s standards, offering a benchmark for the industry. The CFPB has finalized a rule detailing the qualifications necessary for an organization to secure recognition as a standard-setting body. This rule is part of the broader Personal Financial Data Rights Rule, which aims to safeguard consumer financial data. The new rule stipulates the attributes that standard setters must adhere to for CFPB recognition, including transparency, inclusiveness, and the capacity to create consensus standards that can be widely adopted by the industry. Compliance with these guidelines poses significant challenges for financial institutions. First, meeting the new standards necessitates substantial investment in technology and processes. Financial institutions must modernize their systems to satisfy the rigorous data protection specifications, an undertaking that can be both time-consuming and expensive. Furthermore, the necessity for consensus among various stakeholders can slow down the standard-setting process, potentially delaying the implementation of new guidelines. Despite these challenges, the implementation of strict guidelines for handling personal financial data is crucial for the global open banking market. These guidelines are essential for safeguarding consumer data and fostering trust, but they also necessitate considerable effort and resources from financial institutions to achieve compliance.Open Banking is revolutionizing the financial industry by enabling banks and financial institutions to share customer data with third-party service providers through APIs. This trend is driving the development of personalized financial services, real-time data, and innovative solutions. However, challenges persist. Banks must choose between on-premise and cloud-based Open Banking platforms, ensuring customer-centric services, and maintaining security measures for sensitive customer data. Retail and commercial banks are embracing Open Banking Solutions for improved customer retention and digital transformation. Open Banking APIs facilitate the exchange of financial data, enabling informed financial decisions and the integration of insurance products. With the rise of mobile banking and payment initiation solutions, API management, identity verification, and authentication solutions are essential. Data sharing and data analytics are key to unlocking the full potential of Open Banking. Security measures remain a top priority to protect financial institutions and their customers.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This open banking market report extensively covers market segmentation by

Service 1.1 Banking and capital markets1.2 Payments1.3 Digital currenciesDeployment 2.1 On premise2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Banking and capital markets-  Open Banking is a financial system that enables customers to securely share their financial data with third-party providers. This system allows for more efficient and convenient financial management. Banks provide access to customers’ account information through Application Programming Interfaces (APIs), enabling seamless data exchange. This innovation benefits consumers by offering personalized financial services and improved financial management tools. Additionally, it fosters competition among financial institutions and fintech companies, driving innovation and better services for customers.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

Open banking is revolutionizing the payment ecosystem by enabling customers to share their financial data with third-party service providers through APIs. This innovative approach is transforming the way we manage our money and access financial services. With broadband connectivity becoming more widespread, open banking is making personalized financial services more accessible than ever before. Artificial intelligence and machine learning are key technologies driving the open banking revolution. They enable real-time data analysis, informed financial decisions, and automated savings. Big data analytics is used to identify trends and patterns in financial data, leading to the development of new insurance products and customer-centric services. Security is a top priority in open banking. Advanced encryption and multi-factor authentication are used to protect sensitive customer data from online fraud. Venture capital is pouring into the open banking market, fueling the development of new and innovative financial services. Banks and financial institutions are embracing open banking solutions to improve customer retention and stay competitive. Open Banking APIs provide access to real-time data, enabling e-commerce transactions and mobile banking services. Overall, open banking is transforming the financial industry, offering a more efficient, personalized, and secure way to manage money.

Market Research Overview

Open banking is a payment ecosystem that leverages Open API Frameworks to enable third-party service providers to access financial data from banks and financial institutions in real-time. This revolutionary approach to financial services is driven by broadband connectivity, artificial intelligence (AI), and machine learning, enabling personalized financial services, informed financial decisions, and customer-centric solutions. Open banking goes beyond traditional banking by offering innovative financial services, including payment initiation, account information, and API management solutions. E-commerce and venture capital industries benefit from open banking by streamlining transactions and enhancing customer experience. However, open banking also presents challenges such as online fraud and data security. Financial institutions must implement security measures to protect sensitive customer data. Open banking platforms offer identity verification and authentication solutions to mitigate risks. Open banking solutions encompass financial management tools, insurance products, and real-time data analytics. Cloud-based and on-premise solutions offer flexibility and scalability. Open Banking APIs provide access to financial data, enabling automated savings, mobile banking, and digital transformation. Open banking’s data-sharing capabilities enable financial institutions to offer more informed financial decisions and innovative services, enhancing customer retention and satisfaction. Security measures are essential to ensure trust and confidence in the open banking ecosystem. Retail and commercial banks, as well as financial institutions, are embracing open banking to stay competitive and meet evolving customer needs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ServiceBanking And Capital MarketsPaymentsDigital CurrenciesDeploymentOn PremiseCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/open-banking-market-to-grow-by-usd-57-66-billion-2024-2028-as-demand-for-fast-seamless-payments-rises-ai-driven-market-evolution-report—technavio-302292482.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Get into your Aquarium ERA at Ripley’s Aquarium of Canada

Published

on

By

Themed Events, Photo Ops, and More During the Eras Tour in Toronto!

TORONTO, Nov. 5, 2024 /CNW/ – Are You Ready For It? Whether you’re in town for Taylor Swift’s Eras Tour or just looking to soak up the vibrant atmosphere, don’t leave a Blank Space in your schedule! Ripley’s Aquarium of Canada is thrilled to bring you special Taylor Swift-themed activities to celebrate the Eras tour landing in TAY-ronto!

Event Details
On November 14th/15th/16th and 21st/22nd/23rd, from 9:00 AM9:00 PM, visitors of all ages can dive into a world of Swiftie fun, where Taylor’s music meets the magic of the deep blue sea. Fans can expect exclusive themed activations, including:

Friendship Bracelet Bead Stations: Create and exchange your own bracelets from 11:00 AM5:00 PM.Eras-Themed Photo Ops: Show off your tour outfit at our Midnights inspired photo-op or snap a picture with our unique underwater friendship bracelet at Rainbow Reef.Mirrorball Lounge: Need a break? Stop by our 19+ lounge to relax before the big show at our magical Mirrorball Lounge.Create a TAY-masterpiece: Join us for Paint and Waves: The Taylor Era on November 15th and 22nd. Led by our expert instructor, this special edition of Paint and Waves will guide participants through creating Taylor-inspired artwork, all with a splash of underwater flair.

Underwater Wonderland Awaits
Immerse yourself in our Bejeweled galleries and stroll along the moving walkway in Dangerous Lagoon while sharks, sawfish, and turtles swim overhead. All this while listening to All Too Well (10-minute version of course!)—a perfect soundtrack to discover your own underwater Wonderland!

Exclusive Ticket Discount
Purchase your tickets in person and share your favourite Taylor Swift album with our team to receive 25% off your admission. (Discount valid November 14-24, for up to 6 tickets)

We’re Enchanted to SEA You!

For more information and to purchase tickets, visit www.ripleysaquariumofcanada.com 

SOURCE Ripley’s Aquarium Of Canada

Continue Reading

Technology

ewpartners Announces $50 Million Strategic Investment in Leshines to Localize Manufacturing in the Middle East

Published

on

By

Leshines is the supply chain solution provider of Lenovo Group, which ranks among the top ten on Gartner’s prestigious Top 25 supply chain list.The move reinforces ewpartners’ and Leshine’s commitment to fostering local industrial growth and empowering enterprises in Saudi Arabia.

RIYADH, Saudi Arabia, Nov. 5, 2024 /PRNewswire/ — ewpartners (formerly eWTP Arabia Capital), the first international investment firm to establish a Saudi-Asia cross border platform, has announced a USD $50 million investment in Leshines, the supply chain solutions arm of Chinese multinational tech company Lenovo at The Future Investment Initiative (FII), a premier global platform that drives transformative investments and fosters international partnerships for sustainable economic growth.

The investment accelerates the localization of Leshines capabilities in Saudi Arabia, further strengthening the Kingdom’s position as a vital player in sustainable global trade networks and supply chain operations.

Five months ago, Lenovo and PIF-backed company Alat announced a strategic collaboration, including a proposed US$2 billion investment. Today, this partnership is set to advance to the next step.

Leshines is also exploring the option of entering the KSA-Sino Logistics Special Economic Zone at King Salman International Airport in Riyadh, an initiative which was announced by the Saudi Ministry of Transport and Logistics earlier this month. Managed by ewpartners, the Zone will cover a total area of 4 square kilometres and consist of a logistics industrial park, an international commercial and business park, and corresponding living space and facilities. It will enable international companies to manufacture locally in Saudi and then springboard their distribution to other markets worldwide. It is expected to attract over 3,000 wholesalers and retailers and around 200 light industrial manufacturers from China and Asia.

Jerry Li, Founder and Managing Partner at ewpartners said the following on the announcement:

“This investment is a significant step towards building the future of Saudi Arabia that we all envision, and we are actively working to establish this goal. Our investment in Leshines underscores our commitment to this project and our determination to foster local industrial growth and the development of Saudi enterprises. By partnering with Leshines to bring advanced supply chain solutions to Saudi Arabia and the MENA markets, we further assist Chinese companies in exploring localized production and empower local enterprises, aligning with the Kingdom’s Vision 2030.”

Alan Zhou, COO of Leshines, commented on the announcement:

As Lenovo’s smart supply chain solution platform, Leshines will take this opportunity to establish roots in Saudi Arabia, focusing on the MENA region, and build the foundational strategic capabilities of an advanced digital supply chain. As a globally leading strategic fund, ewpartners’ strategic resources and unique advantages in KSA, the Middle East, and emerging markets perfectly match Leshines’ strategic vision and development roadmap. With solid support and a strong partnership with ewpartners, we are confident that Saudi Arabia will become an important node in the Smart Supply Chain Platform, contributing to the Kingdom’s Vision 2030.

The investment in Leshines marks the first transaction for ewpartners Fund II. Amid the growing synergy between China and the Middle East, ewpartners’ investment model has garnered recognition from key stakeholders in the region. Supported by Saudi Arabia’s sovereign wealth fund, ewpartners has also recently secured commitments from other GCC sovereign wealth funds, including USD 150 million from the Oman Investment Authority.

About ewpartners

ewpartners (formerly eWTP Arabia Capital) is an international investment firm specialising in cross-border investments between Asia and the MENA region. Backed by the Public Investment Fund (PIF), the firm has been active in Saudi Arabia since 2017 and was the first investment firm to launch a cross-border platform between the Kingdom and China.

Headquartered in Riyadh, ewpartners focuses on building value across borders by establishing strategic partnerships with exceptional companies. Our team’s expertise in shaping innovative conducive policy frameworks can support governments in fostering economic transformation and diversification driven by innovation and technology.

ewpartners is committed to investing in, supporting, and growing successful businesses across the Asia and MENA regions, with a focus on key industries and themes such as digital infrastructure & solutions, advanced manufacturing & energy transition, and logistics & consumer enablement.

About Leshines:

Lenovo Group is a global tech giant. For three consecutive years, Lenovo has ranked among the top ten on Gartner’s prestigious Top 25 supply chain list. As the strategic empowerment platform of Lenovo Global Supply Chain, Leshines is tasked with the important mission of driving supply chain transformation and upgrading through technological innovation. Drawing on Lenovo’s global industry strengths and management expertise, Leshines delivers digital international supply chain solutions tailored to the evolving needs of Chinese manufacturers expanding overseas.

About the KSA-Sino Logistics Special Economic Zone

The Special Economic Zone is a collaboration between ewpartners and the King Salman International Airport Development Company (KSIADC) and was announced on 13th of October 2024. The initiative is supported by the Ministry of Transport and Logistics and is one of several recently announced initiatives designed to strengthen supply chains and streamline trade, e-commerce and investment in line with the Kingdom’s Vision 2030. The project aims to create an integrated ecosystem that will encompass global enterprises, logistic facilities, supply chains, and high-end manufacturing, significantly bolstering Saudi Arabia’s regional and global distribution capabilities. International companies will establish manufacturing capabilities within the Zone and collaborate with Saudi enterprises to produce locally for distribution to markets around the world.

Photo – https://mma.prnewswire.com/media/2549392/ewpartners_Leshines.jpg

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/ewpartners-announces-50-million-strategic-investment-in-leshines-to-localize-manufacturing-in-the-middle-east-302296652.html

Continue Reading

Technology

Two Prime Lending Limited Surpasses $1 Billion in Loan Volume, Marking Milestone in Digital Asset Financing

Published

on

By

Two Prime Lending surpasses $1 billion in loan volume and broadens product line to include both unsecured BTC and secured altcoin lending options.

BRITISH VIRGIN ISLANDS, Nov. 5, 2024 /PRNewswire-PRWeb/ — Two Prime Lending Limited, a BVI-registered leading provider of debt financing for digital assets, has surpassed $1 billion in total loan volume just nine months after entering the market. With a primary focus on secured lending against major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), the company has recently expanded its offerings to include unsecured BTC and secured loans against top altcoins.

The achievement underscores Two Prime Lending’s commitment to client security, industry-leading rates, and a lending model that prioritizes transparency and client safeguards.

The achievement underscores Two Prime Lending’s commitment to client security, industry-leading rates, and a lending model that prioritizes transparency and client safeguards. In contrast to other failed industry models, Two Prime Lending does not trade or rehypothecate assets. Instead, collateral funds are securely held in bankruptcy-remote custody, providing clients with unmatched peace of mind. Lending, the company emphasizes, should be incredibly boring – a stance that has bolstered confidence among clients and stakeholders alike.

“It’s been amazing to see the demand in the market for lending return,” said Alexander Blume, company spokesperson. “We are just at the beginning of this lending renaissance, with trusted, transparent, and reliable companies leading the charge. From public miners, to crypto OGs, to asset managers, Two Prime Lending is thrilled to see so much traction. Looking at the future pipeline, this is only the start.”

The rapid growth of Two Prime Lending speaks to the resurgence of demand for secure, transparent lending in the digital asset market. Looking ahead, the company anticipates substantial future demand for its offerings. A primary challenge in the market remains sourcing high-quality capital at competitive rates, which the company continues to address through its extensive relationships across capital markets, with access to over $2.5 billion in available credit facilities.

In addition to its core lending services, Two Prime Lending sees strong interest in combining loans with capital-efficient derivatives trading, allowing clients to earn yield on their assets while their loans are active, often offsetting the cost of the loan.

ABOUT TWO PRIME LENDING

Two Prime Lending Limited, incorporated in the British Virgin Islands, is the premier debt financing provider for digital asset markets. The company’s extensive relationships in capital markets and access to over $2.5B in capital have made it the most trusted name for miners, asset managers, family offices, and retail lenders. With a team of seasoned professionals combining decades of financial industry experience with deep crypto market knowledge, Two Prime Lending delivers sophisticated and competitive lending solutions that enable growth and opportunity for its clients.

For more information, visit www.twoprimelending.com or contact info@twoprimelending.com.

Fast Facts:

$1 Billion in loan volume executed in 9 months$2.5 Billion+ in available credit facilities<10% Interest Rate for competitive and accessible lending$30 Million average loan size

Key Features:

Assets are never traded or rehypothecatedCollateral remains in segregated, secured custodyFunds held are bankruptcy-remote for client security

Media Contact

Christina Strauss, Two Prime Lending, 1 865 413 0389, cs@twoprimelending.com, https://www.twoprimelending.com/

View original content:https://www.prweb.com/releases/two-prime-lending-limited-surpasses-1-billion-in-loan-volume-marking-milestone-in-digital-asset-financing-302296137.html

SOURCE Two Prime Lending

Continue Reading

Trending