Open Banking System Market: Government Initiatives Such as PSD2 and UPI to Set the Growth Trajectory

Published on : Jul 24, 2018

Albany, New York, July 24, 2018: Management of financial information by third party vendors with the aid of API's is gaining momentum. Advancement in financial technology has further accentuated adoption of new digital business models, contributing amply towards the growth of open banking system. To evaluate the implications of ongoing technological developments on the growth of open banking system. Market Research Hub (MRH) has collated a new report titled, ‘Open Banking System - Thematic Research’ to its diverse repository.

Consumer Awareness, Crucial For Enablement of Open Banking System

Need to create innovative financial services and products that echo evolving consumer demands and expectations has augmented introduction to open banking. Proliferation of open baking is expected to grant consumers superior retail and e-commerce experience. Service providers are investing significantly to lay a secure open banking platform that addresses consumer concerns pertaining to financial security.

Further, governments across regions are also laying primary focus to develop open banking system. EU’s PSD2 (payment services directive 2) and India’s Unified Payment Interface (UPI) are glaring instances of government initiatives towards development of open banking system.

In a recent development, Yolt has established its position as the maiden banking app to facilitate open banking system. First successful implementation of the banking app was rendered in collaboration with Lloyds Banking Group, which is one of the key members in CMA9 consortium. With this path breaking instance, open banking system is expected to scale new heights in the near future.

Additionally, in its stride to embrace open banking system, banking giant HSBC has recently rolled out its open banking app, christened, Connected Money. The app enables innovative features such as viewing accounts from a wide array of banks, inclusive of savings, current, loan accounts, as well as mortgages. With this latest development, open banking is expected to soon become mainstream in the following years.

Insightful data presented in the report offer an overview of various factors that reflect on the growth of the market. Besides offering readers with a clear market definition, the report also gives a detailed summary of market dynamics and factors that contribute towards the growth of open banking system. With the aid of research components compiled in the report, readers can gauge the impact of these factors in facilitating growth of open banking system, besides enabling readers to identify the factor attributed for maximization of revenues in open banking system market.

Also, the report enlists potential marketing practices administered by core companies in open banking system market. The report offers a clear understanding on the impact of these practices on end-user response, besides entailing the implications of these strategies on holistic growth of open banking system market.

Competitive Landscape: Open Banking System Market

Core research findings encapsulated in the report allow readers to determine the impact of marketing strategies in steering growth in open banking system market. Readers, with the aid of these findings can also comprehend the impact of these practices in influencing favorable end-user response, consisting of their preferences and eventual purchase behavior. New and existing market players in open banking system market can carry out a detailed analysis of these practices to attain vital insights, based on which market players in open banking system market can frame profit oriented marketing plans and investment decisions that fetch increased revenues, besides ensuring their dominance in open banking system market.   

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