According to this report the global open banking market was valued at $7billion in 2018, and is expected to reach $43 billion by 2026, registering a CAGR of 24.4% from 2019 to 2026. Good news for KXCO White Label Banking products.
KXCO white label digital asset solutions for institutions
KXCO delivers an expansive range of services to asset managers, financial institutions, private clients and family offices with a single-source solution, establishing the broadest range of services in the industry including fund services, digital onboarding and bank accounts.
KXCO’s custom white label platform will allow KXCO’s clients to participate in, and offer KXCO’s institutional liquidity, trading and investment solutions to investors.
KXCO White Label products ranges from Exchanges to Digital Banks and Remittance Services all Chain based.
KXCO are also one of the industry’s leading experts in Digital Asset Creation.
Think of the term “digital assets” as a broad container that encompasses anything minted and exchanged on a blockchain. KXCO generally place digital assets in five categories.
Open banking is a banking service in which the bank account data is shared through secured open application programming interface (APIs) to third-party services providers. These APIs deliver a secure way to share financial information between two parties. Furthermore, this financial information is used by banks and third-party organizations to design applications and services which are offered to the customer.
The exchanged information also allows the designing of advanced and personalized applications which improve the customer experience levels related to financial services. Furthermore, open banking platform makes it easier for consumers to compare the details of current accounts and other banking services. In addition, the advanced applications will potentially assist consumers such as small and medium businesses in making financial decisions.
Increase in the number of people using new wave apps and services and rise in customer engagement and attending banking customers need boost the growth of the open banking market. Furthermore, the benefits of an open banking platform are growing and are advantageous for all parties involved in the financial services sector, including banks, enterprises, FinTech, and innovators. This is an important factor that fosters the growth of the open banking market.
However, an increase in events of online fraud and data insecurity is expected to restrict the open banking market growth. On the contrary, significant increase in the collaboration of financial service providers, and traditional banking with FinTech is to boost the growth of open banking market.
The open banking market is studied on the basis of financial services, distribution channel, and region. By financial service, the market is divided into bank & capital market, payments, digital currencies, and others. As per distribution channel, it is divided into bank channels, app market, distributors, and aggregators. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The open banking market analysis includes top companies operating in the market such as Banco Bilbao Vizcaya Argentaria. S.A., Credit Agricole, Deposit Solutions, Finastra, Jack Henry & Associates, Inc., Nordigen Solutions, Revolut Ltd., Societe Generale, Tink (Visa Inc.), and Yapily Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the open banking industry.
The “Open Banking Market By Financial Services, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020-2031” report has been added to ResearchAndMarkets.com’s offering.