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Open Banking Market to Grow by USD 57.66 Billion (2024-2028) as Demand for Fast Seamless Payments Rises, AI-Driven Market Evolution Report – Technavio

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NEW YORK, Oct. 31, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global open banking market size is estimated to grow by USD 57.66 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  27.2%  during the forecast period. Increased demand for fast and seamless payments is driving market growth, with a trend towards integration of AI into open banking services. However, implementation of strict guidelines in handling personal financial data  poses a challenge.Key market players include Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Service (Banking and capital markets, Payments, and Digital currencies), Deployment (On premise and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd.

Key Market Trends Fueling Growth

The open banking market is undergoing a major shift with the incorporation of artificial intelligence (AI) into its offerings. This trend is fueled by the demand for improved user experiences and sophisticated financial management tools. In June 2024, neobank bunq, Europe’s second-largest with 12.5 million users, partnered with Mastercard. This collaboration utilizes Mastercard’s open banking platform, enabling users to consolidate accounts from multiple banks into the bunq app. By integrating AI, bunq’s advanced money assistant, Finn, enhances these insights with transaction data from various sources. For instance, users can request a comprehensive summary of their travel expenses over the past year, and Finn will gather this information from both bunq and external accounts. In February 2024, Bud Financial (Bud) and Fintech Galaxy formed a strategic alliance to strengthen the open banking ecosystem. This partnership combines Bud’s data intelligence capabilities with Fintech Galaxy’s open Finance FINX Platform, employing AI-driven data enrichment techniques. This integration empowers financial institutions to deliver personalized financial experiences by offering in-depth insights into customer behavior and financial requirements. Both parties share a common goal to maximize the potential of open banking and data intelligence, fostering innovation and customer-focused solutions within the financial sector. The integration of AI in open banking is set to disrupt the industry by providing more customized, efficient, and insightful financial services. As more institutions adopt these technologies, the global open banking market is anticipated to experience heightened competition and innovation throughout the forecast period, ultimately benefiting consumers with more targeted and intelligent financial solutions. 

Open banking is revolutionizing the payment ecosystem by enabling secure access to financial data through APIs. Broadband connectivity and advanced technologies like AI and machine learning power big data analytics, enhancing personalized financial services. This trend is transforming traditional banking by providing real-time data for informed decisions and customer-centric services. E-commerce and venture capital are driving the adoption of open banking solutions. Security is paramount, with open API frameworks and security measures protecting sensitive customer data from online fraud. Open banking platforms offer innovative financial services, including insurance products and automated savings. Banks and financial institutions collaborate with third-party service providers to offer on-premise and cloud-based financial management tools. Open banking APIs facilitate seamless payment initiation and account information solutions, enhancing customer retention. Mobile banking benefits from these advancements, offering convenient and secure transactions. Despite these advantages, data security remains a concern. Open banking solutions must prioritize security measures to ensure trust and compliance with regulatory requirements. Retail and commercial banks are embracing open banking to stay competitive and meet evolving customer expectations. 

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Market Challenges

The global open banking market is confronting a major hurdle in implementing stringent guidelines for managing personal financial data. This challenge is accentuated by recent regulatory advancements geared towards ensuring data security and adherence. In September 2024, the Financial Data Exchange (FDX) petitioned the Consumer Financial Protection Bureau (CFPB) for recognition as an authorized standard-setting organization for financial firms offering open banking services. This recognition would bolster the credibility and influence of FDX’s standards, offering a benchmark for the industry. The CFPB has finalized a rule detailing the qualifications necessary for an organization to secure recognition as a standard-setting body. This rule is part of the broader Personal Financial Data Rights Rule, which aims to safeguard consumer financial data. The new rule stipulates the attributes that standard setters must adhere to for CFPB recognition, including transparency, inclusiveness, and the capacity to create consensus standards that can be widely adopted by the industry. Compliance with these guidelines poses significant challenges for financial institutions. First, meeting the new standards necessitates substantial investment in technology and processes. Financial institutions must modernize their systems to satisfy the rigorous data protection specifications, an undertaking that can be both time-consuming and expensive. Furthermore, the necessity for consensus among various stakeholders can slow down the standard-setting process, potentially delaying the implementation of new guidelines. Despite these challenges, the implementation of strict guidelines for handling personal financial data is crucial for the global open banking market. These guidelines are essential for safeguarding consumer data and fostering trust, but they also necessitate considerable effort and resources from financial institutions to achieve compliance.Open Banking is revolutionizing the financial industry by enabling banks and financial institutions to share customer data with third-party service providers through APIs. This trend is driving the development of personalized financial services, real-time data, and innovative solutions. However, challenges persist. Banks must choose between on-premise and cloud-based Open Banking platforms, ensuring customer-centric services, and maintaining security measures for sensitive customer data. Retail and commercial banks are embracing Open Banking Solutions for improved customer retention and digital transformation. Open Banking APIs facilitate the exchange of financial data, enabling informed financial decisions and the integration of insurance products. With the rise of mobile banking and payment initiation solutions, API management, identity verification, and authentication solutions are essential. Data sharing and data analytics are key to unlocking the full potential of Open Banking. Security measures remain a top priority to protect financial institutions and their customers.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This open banking market report extensively covers market segmentation by

Service 1.1 Banking and capital markets1.2 Payments1.3 Digital currenciesDeployment 2.1 On premise2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Banking and capital markets-  Open Banking is a financial system that enables customers to securely share their financial data with third-party providers. This system allows for more efficient and convenient financial management. Banks provide access to customers’ account information through Application Programming Interfaces (APIs), enabling seamless data exchange. This innovation benefits consumers by offering personalized financial services and improved financial management tools. Additionally, it fosters competition among financial institutions and fintech companies, driving innovation and better services for customers.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

Open banking is revolutionizing the payment ecosystem by enabling customers to share their financial data with third-party service providers through APIs. This innovative approach is transforming the way we manage our money and access financial services. With broadband connectivity becoming more widespread, open banking is making personalized financial services more accessible than ever before. Artificial intelligence and machine learning are key technologies driving the open banking revolution. They enable real-time data analysis, informed financial decisions, and automated savings. Big data analytics is used to identify trends and patterns in financial data, leading to the development of new insurance products and customer-centric services. Security is a top priority in open banking. Advanced encryption and multi-factor authentication are used to protect sensitive customer data from online fraud. Venture capital is pouring into the open banking market, fueling the development of new and innovative financial services. Banks and financial institutions are embracing open banking solutions to improve customer retention and stay competitive. Open Banking APIs provide access to real-time data, enabling e-commerce transactions and mobile banking services. Overall, open banking is transforming the financial industry, offering a more efficient, personalized, and secure way to manage money.

Market Research Overview

Open banking is a payment ecosystem that leverages Open API Frameworks to enable third-party service providers to access financial data from banks and financial institutions in real-time. This revolutionary approach to financial services is driven by broadband connectivity, artificial intelligence (AI), and machine learning, enabling personalized financial services, informed financial decisions, and customer-centric solutions. Open banking goes beyond traditional banking by offering innovative financial services, including payment initiation, account information, and API management solutions. E-commerce and venture capital industries benefit from open banking by streamlining transactions and enhancing customer experience. However, open banking also presents challenges such as online fraud and data security. Financial institutions must implement security measures to protect sensitive customer data. Open banking platforms offer identity verification and authentication solutions to mitigate risks. Open banking solutions encompass financial management tools, insurance products, and real-time data analytics. Cloud-based and on-premise solutions offer flexibility and scalability. Open Banking APIs provide access to financial data, enabling automated savings, mobile banking, and digital transformation. Open banking’s data-sharing capabilities enable financial institutions to offer more informed financial decisions and innovative services, enhancing customer retention and satisfaction. Security measures are essential to ensure trust and confidence in the open banking ecosystem. Retail and commercial banks, as well as financial institutions, are embracing open banking to stay competitive and meet evolving customer needs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ServiceBanking And Capital MarketsPaymentsDigital CurrenciesDeploymentOn PremiseCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Zooming into the green transformation, the “Together We Act” platform for China’s dual-carbon talent plan was released

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November 24, 2024

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“Empowering Green Value Chains, Contributing to New Productive Forces” Side Event was Successfully Held at COP29

BAKU, Azerbaijan, Nov. 23, 2024 /PRNewswire/ — The side event titled “Empowering Green Value Chains, Contributing to New Productive Forces” was held in Baku, Azerbaijan, during COP29. The event was jointly organized by the Vanke Foundation, C Team, and Phoenix TV. The aim of the event was to explore how industries in China can empower human capital and implement green value chains to achieve green, efficient, and low-carbon operational models under the country’s dual-carbon strategy. The goal was also to inspire new productive forces and drive the green transformation of economic and social development.

The side event brought together experts, scholars, business representatives, and NGO partners from both China and abroad to discuss the latest global trends and developments in green value chains across key industries. The event was chaired by Yang Peidan, Director of C Team. In her opening remarks, Liu Xi, Senior Manager of Climate Change and Biodiversity at the Vanke Foundation, highlighted the foundation’s vision of a “beautiful and shared future home” and its commitment to promoting environmental protection and social public welfare. She also introduced the “Net Zero Drive” Talents Acceleration Initiative, unveiling the “Together We Act” platform, a significant new step in the foundation’s efforts to align with its strategies.

Liu Yifeng, Deputy Director of C Team, provided an in-depth introduction to the “Together We Act” platform. This platform aims to cultivate and empower talents in the field of China’s dual-carbon strategy, equipping individuals with the knowledge and skills needed to better adapt to and lead the green low-carbon transformation.

C Team is implementing a strategic upgrade to support the development of emerging industry talents while facilitating the transition of workers from traditional industries. This initiative aims to create a green employment market system. According to Liu, workers in traditional industries need to adapt to the “new wave” of industry transformation, while employees in emerging sectors must quickly update their knowledge and skills to keep pace with technological advancements. Through effective training and accelerated efforts, industries, businesses, and regions can better apply technologies and management practices, achieving both technological and energy transformations.

To this end, C Team has partnered with Tencent to develop the “Together We Act” platform. The platform breaks down knowledge into “knowledge cards,” which are categorized and tailored for workers in need of transformation or upskilling. The platform offers smart, content-driven training and quantitative assessments. By using algorithms, the platform provides personalized knowledge to users and includes management features that allow administrators to assign tasks and learning objectives. Knowledge and exercises are managed separately, creating a flexible and intelligent learning system.

Additionally, C Team plans to leverage the data on workforce technology upgrades and training behaviors collected by the platform to analyze the impact of dual-transformation policies and strategies on the workforce in both corporate supply chains and regional areas. This data will help companies and local governments better understand workforce trends and provide support for industry and regional transitions.

Media’s role is also essential in promoting new productive forces. Yang Yuntong, Director of International Cooperation and Project Operations at Phoenix TV, shared that as the largest well-rounded Chinese-language cultural media group overseas, Phoenix TV has long been committed to advancing new productive forces through practical actions. The group has been actively involved in climate-change communication in China and has hosted the annual “Zero-Carbon Mission International Climate Summit” for the past four years in the lead-up to COP, providing a platform for dialogue and discussion among stakeholders and influencing corporate practices and public advocacy.

Xu Shilun, head of the ESG projects at Onewo’s Sustainable Development Center, shared that reducing energy consumption and carbon emissions in property management are key concerns for the company. Onewo is integrating its experience from managing various spaces, such as communities and office buildings, into its “Magic Stone” AI system, focusing on energy management to improve carbon management efficiency in public spaces and encourage owners and tenants to adopt greener lifestyles.

The roundtable discussion focused on two main themes: “Collaborative Innovation of Diverse Forces in Creating New Productive Forces” and “Empowering Green Value Chains to Drive the Green Transformation of Economic and Social Development”. Representatives from leading companies such as JA Solar, Anta Group, Lenovo, Carbonstop, PES, Exiss, ACT, Dasso, Hainan Deeprock, and SQUAKE participated in the discussion. The Secretary of the CPC Municipal Committee of Huzhou City, Chen Hao, also joined via video to introduce the innovative concept of “Bamboo Forest Carbon Sequestration.”

The organizers stated that the side event was not only a deep exploration of green development concepts but also a firm commitment to future sustainable development. C Team plans to further collaborate with nonprofit organizations, environmental foundations, leading enterprises, research institutions, and knowledge service platforms to jointly promote public and inclusive transformation, ensuring that high-quality training content is presented on the platform. Through collective effort and the pooling of knowledge and resources, the event sought to support industry development, regional transformation, and the green transformation of society.

About C Team：
C Team is a non-profit organization dedicated to promoting corporate climate action and sustainable development.

View original content:https://www.prnewswire.com/news-releases/zooming-into-the-green-transformation-the-together-we-act-platform-for-chinas-dual-carbon-talent-plan-was-released-302314780.html

SOURCE C Team

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Urgent Call: Donate Electronics to Empower Charities Nationwide

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November 23, 2024

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TORONTO, Nov. 23, 2024 /CNW/ – This holiday season, the Electronic Recycling Association (ERA) is spreading the spirit of giving with its annual 12 Days of Electronic Giving campaign. Aiming to donate over 200 electronic devices to charities across Canada, ERA is committed to empowering organizations to deliver critical services to their communities.

However, the demand for electronics remains pressing. More than 500 charities are still on ERA’s waitlist—a number that highlights the urgent need for public and corporate donations of pre-loved technology.

“Together, We Can Create Impact”
Bojan Paduh, Founder and President of ERA, urges individuals and businesses to step up this holiday season:

“We’ve accomplished so much, but hundreds of charities are still waiting for essential technology to continue their work. I encourage everyone to consider donating their unused laptops, tablets, or cell phones. Your generosity can transform lives and reduce e-waste at the same time.”

ERA’s 12 Days of Electronic Giving campaign is already making an impact, supporting a wide range of organizations across the country, including:

Children’s Autism Services of Edmonton – Edmonton, ABWinnipeg Humane Society – Winnipeg, MBBent Arrow Traditional Healing Society – Edmonton, ABCanadian Mental Health Association – Toronto, ONYork Region Educational Services – Toronto, ONIt Takes a Village Community Outreach and Advocacy – Halifax, NSToronto Fringe – Toronto, ONMarina Housing Co-op – Vancouver, BCAgape Table Inc. – Winnipeg, MBGreater Edmonton Live-In Society – Edmonton, ABEqual Housing Initiative Inc. – Winnipeg, MBValley Community Learning Association – Kentville, NSAlberta Children’s Hospital – Calgary, AB

How You Can Help
The holidays are the perfect time to give back. If you or your organization have unused electronic devices gathering dust, ERA invites you to donate and make a meaningful difference. Whether it’s a laptop, tablet, or cell phone, every device can create opportunities, reduce e-waste, and bring hope to someone in need.

Donating is Simple
ERA offers convenient, free pickup services across Canada.

Call: 1-877-9EWASTE / Email: info@era.ca / Visit: www.era.ca to schedule a pickup.

Let’s Make This Season Count
“Your donation today can change lives tomorrow,” adds Paduh. “Together, we can meet the urgent needs of these charities while fostering a sustainable future.”  Don’t wait—help ERA ensure no charity is left behind this holiday season.

SOURCE Electronic Recycling Association

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MyDataRemoval Proven More Effective Than Competing Data Removal Services [updated links]

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November 23, 2024

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Internal and external reports show MyDataRemoval to be the most effective personal data removal service. MyDataRemoval has achieved over 70% data removal within the first week and 90% within four months, outperforming industry competitors who average 26% in the first week and 35% within four months.

LAS VEGAS, Nov. 23, 2024 /PRNewswire-PRWeb/ — Recent findings from a consumer advocacy group have raised concerns about the effectiveness of people-search site removal services, revealing high rates of ineffectiveness among tested companies. Notably, MyDataRemoval was not included in this study. In response, MyDataRemoval conducted an internal audit [updated link] to evaluate its standing relative to the competition, revealing that it was already leading the industry. Building on this success, MyDataRemoval has since enhanced its methodologies and technologies for data removal. As a result, MyDataRemoval is now reaching a 90% removal rate within four months and exceeding a 70% removal rate within the first week—results that place it well above the competition.

MyDataRemoval will remove your data from people search sites more effectively than anyone else out there.

Over 70% of personal data removed within the first week: MyDataRemoval successfully removed over 70% of personal data from people-search websites within just one week, outperforming all other services tested by Consumer Reports.Effectiveness over time: MyDataRemoval maintained superior performance compared to other data removal services, with 80% of data removed within one month and 90% within four months.Competitor Comparison in one week: The average effectiveness for the first week across competing services was 30%, whereas MyDataRemoval removed over 70%, demonstrating a clear advantage.Competitor Comparison at four months: Competing services demonstrated significantly lower data removal rates, with some services removing only 27% of personal data within four months.

MyDataRemoval’s internal audits have demonstrated that the service is not only more effective in the initial stages of data removal but also continues to outperform over time. Its proprietary methods, commitment to ongoing audits, and dedication to continuous improvement ensure that it remains a leader in data removal.

MyDataRemoval acknowledges that while current effectiveness rates are industry-leading, there is still room for growth. The goal is to achieve over 90% removal rates across all categories and time frames. MyDataRemoval is committed to conducting monthly audits and making these results publicly available to ensure transparency and continuous improvement. You can see the most recent audit results here [updated link].

Privacy is more important than ever, and MyDataRemoval is here to help individuals reclaim theirs. Do not settle for ineffective data removal—trust the service that has been proven to deliver results. Find MyDataRemoval at www.mydataremoval.com or contact us at hello@mydataremoval.com or call (855) 700-2914 to start your journey towards a more private online presence.

Stay tuned for our monthly audit updates to see how we are continuously improving to make your personal information private once again.

Audit date: 8/9/2024

Profiles removed within 1 week: 85%Profiles removed within 1 month: 71%Profiles removed within 4 months: 73%

Audit date: 9/9/2024

Profiles removed within 1 week: 85%Profiles removed within 1 month: 78%Profiles removed within 4 months: 92%

Audit date: 10/9/2024

Profiles removed within 1 week: 59%Profiles removed within 1 month: 81%Profiles removed within 4 months: 90%

Audit date: 11/9/2024

Profiles removed within 1 week: 77%Profiles removed within 1 month: 81%Profiles removed within 4 months: 90%

Media Contact

James Wilson, MyDataRemoval, 1 8557002194, hello@mydataremoval.com, https://www.mydataremoval.com

View original content:https://www.prweb.com/releases/mydataremoval-proven-more-effective-than-competing-data-removal-services-updated-links-302313853.html

SOURCE MyDataRemoval

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