The North America Open Banking Market would witness market growth of 24.4% CAGR during the forecast period (2022-2028).
An increase in the use of new wave services and apps is one of the main factors that support the expansion of the open banking sector. Furthermore, the open banking market needs to grow to be supported by an increase in customer engagement as well as active banking customers. An open banking platform also has several advantages that benefit all parties within the financial services industry, including banks, businesses, Fintech businesses, and innovators. This is a crucial element in the development of the open banking industry. The growth of the open banking market is estimated to benefit from a large increase in collaboration between traditional banking and fintech.
In the banking sector, open banking is a major innovation driver. Open banking enables users of financial services to safely share their financial data along with other financial organizations by relying on networks rather than centralized systems. Open banking APIs, for instance, can simplify the occasionally difficult process of transferring from using one bank's regular bank service to other banks. A new savings account that offers a greater interest rate than the one they already have or a different credit card with a cheaper interest rate are two examples of the greatest financial services and products that may be found for consumers using the API.
In North America, open banking is governed by a less rigid set of rules and guidelines. A few federal regulatory bodies have some level of control over access to financial data, which indicates that the regulatory framework that oversees fintech in the US is fragmented. The US Treasury Department has urged organizations to support the initiative to give US residents access to their financial data. A number of US banks have started to create open banking websites and APIs in response to the US Consumer Financial Protection Bureau's recent release of its guidelines on data sharing and aggregation. In light of this, the demand for open banking would also expedite in the region and this factor would majorly augment the growth of the regional open banking market.
The US market dominated the North America Open Banking Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $16,680 million by 2028. The Canada market is exhibiting a CAGR of 27.3% during (2022 - 2028). Additionally, The Mexico market would register a CAGR of 26.1% during (2022 - 2028).
Based on Deployment, the market is segmented into On-premise and Cloud. Based on Distribution Channel, the market is segmented into App Markets, Bank Channels, Distributors, and Aggregators. Based on Services, the market is segmented into Banking & Capital Markets, Payments, Digital Currencies, and Value-added Services. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Open Banking Market is Estimated to reach $75.7 Billion by 2028, at a CAGR of 24.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Banco Bilbao Vizcaya Argentaria SA, Finastra Group Holdings Limited, NCR Corporation, Crédit Agricole CIB, Demyst Data, Ltd., Finleap connect GmbH, FormFree Holdings Corporation, Jack Henry & Associates, Inc., Mambu B.V, and MineralTree, Inc.
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