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.
Scope of the Study
Market Segments Covered in the Report:
By Deployment
By Distribution Channel
- App Markets
- Bank Channels
- Distributors
- Aggregators
By Services
- Banking & Capital Markets
- Payments
- Digital Currencies
- Value Added Services
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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
- MineralTree, Inc.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Open Banking Market, by Deployment
1.4.2 North America Open Banking Market, by Distribution Channel
1.4.3 North America Open Banking Market, by Services
1.4.4 North America Open Banking Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2019, Apr – 2022, Jul) Leading Players
Chapter 4. North America Open Banking Market by Deployment
4.1 North America On-premise Market by Country
4.2 North America Cloud Market by Country
Chapter 5. North America Open Banking Market by Distribution Channel
5.1 North America App Markets Market by Country
5.2 North America Bank Channels Market by Country
5.3 North America Distributors Market by Country
5.4 North America Aggregators Market by Country
Chapter 6. North America Open Banking Market by Services
6.1 North America Banking & Capital Markets Market by Country
6.2 North America Payments Market by Country
6.3 North America Digital Currencies Market by Country
6.4 North America Value Added Services Market by Country
Chapter 7. North America Open Banking Market by Country
7.1 US Open Banking Market
7.1.1 US Open Banking Market by Deployment
7.1.2 US Open Banking Market by Distribution Channel
7.1.3 US Open Banking Market by Services
7.2 Canada Open Banking Market
7.2.1 Canada Open Banking Market by Deployment
7.2.2 Canada Open Banking Market by Distribution Channel
7.2.3 Canada Open Banking Market by Services
7.3 Mexico Open Banking Market
7.3.1 Mexico Open Banking Market by Deployment
7.3.2 Mexico Open Banking Market by Distribution Channel
7.3.3 Mexico Open Banking Market by Services
7.4 Rest of North America Open Banking Market
7.4.1 Rest of North America Open Banking Market by Deployment
7.4.2 Rest of North America Open Banking Market by Distribution Channel
7.4.3 Rest of North America Open Banking Market by Services
Chapter 8. Company Profiles
8.1 Banco Bilbao Vizcaya Argentaria SA
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional Analysis
8.1.4 Recent strategies and developments:
8.1.4.1 Partnerships, Collaborations, and Agreements:
8.1.4.2 Product Launches and Product Expansions:
8.1.4.3 Acquisition and Mergers:
8.2 Finastra Group Holdings Limited (Vista Equity Partners)
8.2.1 Company Overview
8.2.2 Recent strategies and developments:
8.2.2.1 Partnerships, Collaborations, and Agreements:
8.2.2.2 Acquisition and Mergers:
8.2.2.3 Geographical Expansions:
8.3 NCR Corporation
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expenses
8.3.5 Recent strategies and developments:
8.3.5.1 Acquisition and Mergers:
8.4 Crédit Agricole Group
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Recent strategies and developments:
8.4.3.1 Product Launches and Product Expansions:
8.4.3.2 Geographical Expansions:
8.5 DemystData, Ltd.
8.5.1 Company Overview
8.6 Finleap connect GmbH
8.6.1 Company Overview
8.6.2 Recent strategies and developments:
8.6.2.1 Partnerships, Collaborations, and Agreements:
8.6.2.2 Acquisition and Mergers:
8.7 FormFree Holdings Corporation
8.7.1 Company Overview
8.8 Jack Henry & Associates, Inc.
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental Analysis
8.8.4 Research & Development Expenses
8.8.5 Recent strategies and developments:
8.8.5.1 Partnerships, Collaborations, and Agreements:
8.9 Mambu B.V.
8.9.1 Company Overview
8.9.2 Recent strategies and developments:
8.9.2.1 Partnerships, Collaborations, and Agreements:
8.10. MineralTree, Inc.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Recent strategies and developments:
8.10.4.1 Partnerships, Collaborations, and Agreements:
TABLE 1 North America Open Banking Market, 2018 - 2021, USD Million
TABLE 2 North America Open Banking Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements – Open Banking Market
TABLE 4 Product Launches And Product Expansions – Open Banking Market
TABLE 5 Acquisition and Mergers – Open Banking Market
TABLE 6 Geographical Expansions – Open Banking Market
TABLE 7 North America Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 8 North America Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 9 North America On-premise Market by Country, 2018 - 2021, USD Million
TABLE 10 North America On-premise Market by Country, 2022 - 2028, USD Million
TABLE 11 North America Cloud Market by Country, 2018 - 2021, USD Million
TABLE 12 North America Cloud Market by Country, 2022 - 2028, USD Million
TABLE 13 North America Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 14 North America Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 15 North America App Markets Market by Country, 2018 - 2021, USD Million
TABLE 16 North America App Markets Market by Country, 2022 - 2028, USD Million
TABLE 17 North America Bank Channels Market by Country, 2018 - 2021, USD Million
TABLE 18 North America Bank Channels Market by Country, 2022 - 2028, USD Million
TABLE 19 North America Distributors Market by Country, 2018 - 2021, USD Million
TABLE 20 North America Distributors Market by Country, 2022 - 2028, USD Million
TABLE 21 North America Aggregators Market by Country, 2018 - 2021, USD Million
TABLE 22 North America Aggregators Market by Country, 2022 - 2028, USD Million
TABLE 23 North America Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 24 North America Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 25 North America Banking & Capital Markets Market by Country, 2018 - 2021, USD Million
TABLE 26 North America Banking & Capital Markets Market by Country, 2022 - 2028, USD Million
TABLE 27 North America Payments Market by Country, 2018 - 2021, USD Million
TABLE 28 North America Payments Market by Country, 2022 - 2028, USD Million
TABLE 29 North America Digital Currencies Market by Country, 2018 - 2021, USD Million
TABLE 30 North America Digital Currencies Market by Country, 2022 - 2028, USD Million
TABLE 31 North America Value Added Services Market by Country, 2018 - 2021, USD Million
TABLE 32 North America Value Added Services Market by Country, 2022 - 2028, USD Million
TABLE 33 North America Open Banking Market by Country, 2018 - 2021, USD Million
TABLE 34 North America Open Banking Market by Country, 2022 - 2028, USD Million
TABLE 35 US Open Banking Market, 2018 - 2021, USD Million
TABLE 36 US Open Banking Market, 2022 - 2028, USD Million
TABLE 37 US Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 38 US Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 39 US Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 40 US Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 41 US Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 42 US Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 43 Canada Open Banking Market, 2018 - 2021, USD Million
TABLE 44 Canada Open Banking Market, 2022 - 2028, USD Million
TABLE 45 Canada Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 46 Canada Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 47 Canada Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 48 Canada Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 49 Canada Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 50 Canada Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 51 Mexico Open Banking Market, 2018 - 2021, USD Million
TABLE 52 Mexico Open Banking Market, 2022 - 2028, USD Million
TABLE 53 Mexico Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 54 Mexico Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 55 Mexico Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 56 Mexico Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 57 Mexico Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 58 Mexico Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 59 Rest of North America Open Banking Market, 2018 - 2021, USD Million
TABLE 60 Rest of North America Open Banking Market, 2022 - 2028, USD Million
TABLE 61 Rest of North America Open Banking Market by Deployment, 2018 - 2021, USD Million
TABLE 62 Rest of North America Open Banking Market by Deployment, 2022 - 2028, USD Million
TABLE 63 Rest of North America Open Banking Market by Distribution Channel, 2018 - 2021, USD Million
TABLE 64 Rest of North America Open Banking Market by Distribution Channel, 2022 - 2028, USD Million
TABLE 65 Rest of North America Open Banking Market by Services, 2018 - 2021, USD Million
TABLE 66 Rest of North America Open Banking Market by Services, 2022 - 2028, USD Million
TABLE 67 Key Information – Banco Bilbao Vizcaya Argentaria SA
TABLE 68 Key Information – Finastra Group Holdings Limited
TABLE 69 Key Information – NCR Corporation
TABLE 70 Key Information – Crédit Agricole Group
TABLE 71 Key Information – DemystData, Ltd.
TABLE 72 Key Information – finleap connect GmbH
TABLE 73 Key Information – FormFree Holdings Corporation
TABLE 74 Key Information – Jack Henry & Associates, Inc.
TABLE 75 Key Information – Mambu B.V.
TABLE 76 Key Information – MineralTree, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 4 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2019, Apr – 2022, Jul) Leading Players
FIG 5 Recent strategies and developments: Banco Bilbao Vizcaya Argentaria SA
FIG 6 Recent strategies and developments: Finastra Group Holdings Limited
FIG 7 Recent strategies and developments: Finleap connect GmbH