The US open banking market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). Consumers, financial institutions, and third-party service providers will be able to network their accounts and data across institutions using open banking. Open banking is quickly gaining traction as a major source of innovation that has the potential to transform the banking industry. Due to the expected rapid adoption of advanced technology and the presence of the vast majority of significant players the market for the US open banking is growing. Furthermore, strong banking sector innovation is a crucial factor driving this market’s expansion. In the open banking market, big data analytics is becoming more popular. Big data analytics is the process of gathering, processing, and analyzing both structured and unstructured data. Big data analytics is mostly used to extract business insights from data. Big data analytics is utilized in the open banking market to tailor services and improve the client experience, which in turn propels the market growth.
JPMorgan Chase & Co. is one of the largest banks in the US. A vast volume of credit card information and other transactional data of its clients is created as a result of its large customer base of over 3 billion. They are now able to develop insights on customer trends due to Hadoop, and the same reports are available to their clients.
The rise of the open banking market is being aided by an increase in the use of internet platforms for making payments. With the development of new payment methods, more e-commerce use, improved internet connectivity, and the introduction of new technologies, the digital payment system is fast expanding. Online systems, such as Google Pay, employ payment gateway APIs to facilitate recurring invoicing, and these APIs are frequently used in open banking. In June 2019, according to the Open Banking Implementation Entity (OBIE), API calls jumped from one million per month in 2018 to more than 66.7 million in the US.
Growing demand for financial services will also help the open banking market to grow in the future, as banks will need to produce a variety of products that may be tailored to their specific needs. Customer-centricity and rising digitization inside financial institutions have propelled the market’s growth.
On the basis of the distribution channel, the mobile application segment is propelling the growth of the market. as a result of the increased use of new applications that assist customers in making goods and service purchases. Individuals now send money to other people fast and for free using mobile payment apps. As online banking rises in popularity, these apps have grown more common. According to a new NerdWallet survey, around four out of five Americans (79%) use mobile payment apps.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Indication
- Competitive Landscape- Acorns, Affirm, Inc., Albert Corp., Ally Financial Inc., and Ambrook Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of US Open Banking Market is available at: https://orionmarketreports.com/the-us-open-banking-market/108725/
The US Open Banking Market Report by Segment
By Financial Services
- Banking and Capital Markets
- Payments
- Digital Currencies
- Value-Added Services
By Distribution Channel
- Bank Channel
- Mobile Application
- Distributors
- Aggregators
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