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Global $98.5 Billion Open Banking Market Trends, Opportunities, & Forecasts, 2029F

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DUBLIN, March 5, 2024 /PRNewswire/ — The “Open Banking Market – Global Industry Size, Share, Trends, Opportunity, & Forecast 2019-2029” report has been added to  ResearchAndMarkets.com’s offering.

The Global Open Banking Market was valued at USD 22.54 billion in 2023 and is anticipated to grow with a CAGR of 27.9% through 2029, reaching USD 98.52 billion

The Global Open Banking Market is experiencing a significant surge, driven by the growing demand for enhanced financial services, technological advancements, and regulatory initiatives promoting financial transparency. Open banking refers to a system where financial institutions open up their data and services to third-party providers through APIs (Application Programming Interfaces).

This approach fosters innovation by allowing external developers to create new applications and services that leverage financial data. The market is witnessing a paradigm shift in consumer behavior, with individuals seeking more personalized and convenient banking solutions. Open banking facilitates seamless integration of various financial products and services, empowering consumers with a holistic view of their financial landscape.

Moreover, the rise of FinTech firms and technology giants entering the financial services sector is intensifying competition and prompting traditional banks to embrace open banking models. As a result, the market is experiencing collaborations, partnerships, and mergers to harness synergies between financial institutions and technology innovators.

The adoption of open banking is also gaining momentum due to regulatory initiatives, such as the Revised Payment Service Directive (PSD2) in Europe, which mandates banks to open up access to customer account information and payment services. With a projected compound annual growth rate (CAGR) in the double digits, the Global Open Banking Market is poised for continued expansion, reshaping the financial services landscape on a global scale.

Market Drivers:

Regulatory Initiatives and Compliance Requirements:

Governments and regulatory bodies globally recognize benefits of open banking.Mandates like PSD2 in Europe shape open banking, promoting competition and innovation.

Technological Advancements and API Integration:

Rapid adoption of APIs facilitates seamless data exchange among financial institutions and third-party providers.Technologies like cloud computing, AI, and blockchain further accelerate open banking integration.

Changing Consumer Behavior and Expectations:

Consumers seek personalized, digitally-driven banking experiences.Open banking empowers individuals with greater control over their financial data and access to diverse financial products.

Emergence of FinTech and Non-Banking Players:

FinTech firms leverage open banking to offer innovative, niche financial solutions.Partnerships between traditional banks and non-banking entities intensify competition and drive open banking adoption.

Globalization and Cross-Border Transactions:

Open banking facilitates seamless, efficient cross-border transactions.Collaboration between financial institutions from different regions standardizes open banking practices globally.

Key Market Challenges:

Security and Data Privacy Concerns:

Sharing financial data raises concerns about cybersecurity threats and data breaches.Implementing robust security measures and compliance with data protection regulations are imperative.

Standardization and Interoperability:

Lack of universal standards complicates open banking development and integration.Global collaboration needed to establish common APIs, data formats, and security protocols.

Resistance from Traditional Banking Institutions:

Legacy systems, organizational cultures, and fear of losing control hinder traditional banks’ adoption of open banking.Strategic partnerships with FinTech firms essential for modernization and innovation.

Regulatory Complexity and Compliance Burden:

Evolving regulatory landscape poses challenges for compliance across jurisdictions.Harmonization of regulatory frameworks globally needed to streamline compliance efforts.

Trust and Consumer Adoption:

Building trust among consumers crucial due to skepticism about sharing financial data.Transparent communication, robust authentication mechanisms, and financial literacy efforts necessary to foster consumer confidence.

Key Market Trends:

Expansion of Open Banking Ecosystems:

Open banking ecosystems broaden to include diverse participants beyond banks and FinTech firms.Collaboration leads to more comprehensive and customer-centric financial solutions.

Rise of Embedded Finance:

Financial services integrated directly into non-financial platforms, enhancing accessibility and convenience.Open banking APIs facilitate seamless embedding of financial functionalities into various applications.

Increased Emphasis on Data Analytics and AI:

Advanced analytics and AI technologies leverage financial data to deliver personalized and predictive services.AI algorithms enhance operational efficiency and customer engagement within open banking interfaces.

Regulatory Sandboxes and Innovation Hubs:

Governments establish controlled environments for testing new open banking products and services.Collaboration between regulators and industry stakeholders fosters innovation while ensuring consumer protection.

Focus on Financial Inclusion:

Open banking addresses gaps in access to financial services, particularly for underserved populations.Development of inclusive financial ecosystems aligns with global efforts to broaden financial inclusion.

Segmental Insights:

Financial Services Insights:

Payments Segment: Witnessing robust demand driven by consumers’ preference for faster, innovative payment solutions.

Distribution Channel Insights:

App Market Segment: Experiencing significant growth as consumers increasingly rely on mobile applications for banking needs.

Regional Insights:

North America Region: Experiencing substantial demand due to digitalization of financial services and regulatory support for open banking initiatives.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Open Banking Market.

Bannco Bilbao Vizcaya Argentaria, S.A.Credit AgricoleDemystData, Ltd.Finleap connectFinastraFormFree Holdings CorporationJack Henry & Associates, Inc.MambuMineralTree, Inc.NCR Corporation

Report Scope

Open Banking Market, By Financial Services:

Banking & Capital MarketsPaymentsDigital CurrenciesValue Added Services

Open Banking Market, By Distribution Channel:

Bank ChannelApp MarketDistributorsAggregators

Open Banking Market, By Region:

North AmericaUnited StatesCanadaMexicoEuropeFranceGermanySpainItalyUnited KingdomAsia-PacificChinaJapanIndiaVietnamSouth KoreaMiddle East & AfricaSouth AfricaSaudi ArabiaUAETurkeyKuwaitEgyptSouth AmericaBrazilArgentinaColombia

For more information about this report visit https://www.researchandmarkets.com/r/ilyyi0

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Acer Debuts on Dow Jones Sustainability World Index 2024

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Representing Top 10% of the largest 2,500 Companies in S&P BMI on long-term economic, environmental and social criteria

TAIPEI, Dec. 23, 2024 /PRNewswire/ — Acer Inc. (TWSE: 2353) announced its debut on the Dow Jones Sustainability (DJSI) World Index 2024, which comprises of the global sustainability leaders identified by S&P Global’s Corporate Sustainability Assessment (CSA). The DJSI World Index represents the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index (BMI) based on long-term economic, environmental and social criteria.

At the same time, Acer was listed on DSJI’s Emerging Markets Index for the 11th consecutive year in 2024, ranking among the top companies in the THQ (Computers & Peripherals and Office Electronics) industry and scoring in the 100th percentile with full marks across various components: Transparency & Reporting, Materiality, and Customer Relationship Management.

Acer’s commitment to making a positive impact on environmental sustainability includes joining the RE100 initiative, setting the goals to source 100% renewable electricity by 2035 and to achieve net zero emissions by 2050. In 2023 the Acer Group sourced 48% renewable electricity worldwide, with 100% renewable electricity sourced in multiple countries. Acer’s efforts have been recognized in growing capacity by global sustainability accolades and indices throughout 2024:

Listed among TIME’s World’s Most Sustainable Companies.Listed in the MSCI ESG Leaders Indexes for the 11th consecutive year, garnering the best rating of “AAA”[1] that represents the top 15% in the category of technology hardware, storage and peripherals industry.Awarded Platinum medal for EcoVadis’ Sustainability Ratings for the third straight year, the highest tier of recognition representing the top 1% of rated companies[2] evaluated on sustainability across global supply chains based on four key themes: environment, labor and human rights, ethics, and sustainable procurement.A constituent of the FTSE4Good Emerging Index for the ninth consecutive year.In the subcategory FTSE4Good TIP Taiwan ESG Index[3] supported by the Taiwan Stock Exchange, which integrates ESG management practices and financial performances of companies, for the seventh year.

Acer continues to research and design climate-conscious solutions that serve both humanity and the planet, providing greener choices for a brighter future. Its eco-conscious offering includes computers and display products built with recycled materials and energy-efficient solutions, lifestyle products such e-bikes and e-scooters, energy storage solutions, along with award-winning packaging designs to contribute to the industry.

[1] MSCI ESG AAA Rating as of November 26, 2021, updated on December 10, 2024

[2] Ecovadis rating, August 2024

[3] First Taiwan domestic benchmark developed using FTSE ESG Ratings and data model, developed in partnership with Taiwan Stock Exchange’s (TWSE) wholly-owned subsidiary, Taiwan Index Plus Corp. (TIP)

About Acer

Founded in 1976, Acer is one of the world’s top ICT companies with a presence in more than 160 countries. As Acer evolves with the industry and changing lifestyles, it is focused on enabling a world where hardware, software and services will fuse with one another, creating ecosystems and opening up new possibilities for consumers and businesses alike. Acer’s 7,700 employees are dedicated to the research, design, marketing, sale, and support of products and solutions that break barriers between people and technology. Please visit www.acer.com for more information.

© 2024 Acer Inc. All rights reserved. Acer and the Acer logo are registered trademarks of Acer Inc. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. All offers subject to change without notice or obligation and may not be available through all sales channels. Prices listed are manufacturer suggested retail prices and may vary by location. Applicable sales tax extra.

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LG ACHIEVES 13TH CONSECUTIVE YEAR IN DOW JONES SUSTAINABILITY WORLD INDEX

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Only South Korean Company Recognized in Leisure Equipment & Products and Consumer Electronics Category for 13 Years

ENGLEWOOD CLIFFS, N.J., Dec. 23, 2024 /PRNewswire/ — LG Electronics (LG) has once again secured its position in the Dow Jones Sustainability World Index (DJSI World) for the thirteenth consecutive year. The DJSI World ranks the top 10 percent of the largest 2,500 global companies based on their economic, environmental, social, and governance (ESG) practices, serving as a critical benchmark for investors assessing corporate sustainability.

Notably, LG earned the highest overall score in the Leisure Equipment & Products and Consumer Electronics industry category. Furthermore, it remains the only South Korean company to be included in this category for 13 years running.

Additionally, LG has been included in the DJSI Asia Pacific (top 20 percent of the 600 largest companies in the Asia-Pacific region) and DJSI Korea (top 30 percent of the 200 largest companies in Korea) for 15 and 16 consecutive years, respectively.

LG received high evaluations across various ESG areas, including environmental policy and management, human rights management, human resource management, customer relations, supply chain management and product responsibility management.

Under the ESG management vision of Better Life for All, LG is carrying out various activities with the strategy of 3C for the planet (Carbon neutrality, Circularity, and Clean technology) and 3D for people (Decent workplace, Diversity & inclusion, and Design for all).

To achieve its 3C goals for the planet, LG has set ambitious targets, including reaching carbon neutrality in its product manufacturing process by 2030 and transitioning to 100 percent renewable energy by 2050.

Specifically, LG plans to reduce direct greenhouse gas emissions (Scope 1) and indirect greenhouse gas emissions (Scope 2) in the product production stage by 54.6 percent compared to 2017 levels. This will be accomplished through process improvements, the introduction of energy-saving technologies and the use of renewable energy. Notably, LG was the first company in the home appliance industry to obtain UN carbon credits in 2015.

In addition, LG is focused on reducing the unit greenhouse gas emissions of its seven major product groups (TVs, refrigerators, washing machines, dryers, home and system air conditioners, and monitors) by 20 percent compared to 2020 levels during the product use stage (Scope 3). This commitment involves various activities aimed at improving the energy efficiency of individual products, thereby reducing overall carbon emissions.

As a member of the UN Global Compact and the Responsible Business Alliance, LG complies with international human rights and labor standards and is enhancing its human rights management processes to respond to strengthening global ESG-related legislation.

In the ESG evaluation and rating announcement results published by the Korea Corporate Governance Service this year, LG received an overall A grade for four consecutive years. LG also received an A grade for five consecutive years in the ESG evaluation conducted by the global ESG evaluation agency Morgan Stanley Capital International, gaining recognition for its ESG management performance from credible domestic and international institutions.

About LG Electronics USA 
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $68 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. The company’s commitment to environmental sustainability and its “Life’s Good” marketing theme encompass how LG is dedicated to people’s happiness by exceeding expectations today and tomorrow. For more information, visit www.LG.com

Media Contacts:

LG Electronics USA

JL Lavina
jl.lavina@lge.com
www.LG.com 

Jennifer Tayebi
Jennifer.tayebi@lg-one.com
LGHAUS@lg-one.com

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CAS and PetroChina Shanghai Advanced Materials Research Institute announce a collaboration to accelerate new materials discovery and innovation

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SHANGHAI and COLUMBUS, Ohio, Dec. 23, 2024 /CNW/ — CAS, a division of the American Chemical Society specializing in scientific knowledge management, and PetroChina Shanghai Advanced Materials Research Institute Co., Ltd, a subsidiary of the world’s third largest oil company, China National Petroleum Corporation (CNPC), are collaborating for use of the CAS SciFinder Discovery Platform™ to accelerate research and discovery of new chemical materials.

PetroChina Shanghai Advanced Materials Research Institute Co., Ltd. was founded in 2021 to address key technological challenges in advanced chemical materials and drive a transformation of CNPC from a traditional refinery and petrochemical product provider to a more advanced and sustainable material provider. Its research focus includes high-performance engineering materials, high-performance polyolefin and elastomers, special catalysts, advanced membranes, fibers and composites, etc.

CAS, the creator of the world’s most comprehensive and authoritative curated scientific information resource, the CAS Content Collection™, which covers over 150 years of discoveries, provides content and knowledge management solutions and services that accelerate innovation. The CAS SciFinder Discovery Platform, an authoritative scientific technology solution, will enable the institute research scientists to discover more relevant information faster, identify and optimize synthetic routes through a full retrosynthetic analysis of known and undisclosed substances, and locate, compare, and understand scientific methods via the CAS Content Collection.

“We’re excited that PetroChina Shanghai Advanced Materials Research Institute will harness the CAS SciFinder Discovery Platform to accelerate their research and discovery initiatives. Combining the capabilities of this industry-leading CAS solution with the Research Institute’s expertise in material research will result in breakthroughs that bring advanced sustainable materials to the marketplace,” said Manuel Guzman, President of CAS.

PetroChina Shanghai Advanced Materials Research Institute, as a newly established innovation hub, aims to grow into a world-leading, multi-capabilities research institute that drives cutting-edge innovations, pilots industrial-scale technologies, provides technical services, and facilitates academic and value chain collaborations.

“We are very pleased to cooperate with CAS, who will be a strong partner in bringing their sophisticated scientific information solutions to facilitate and speed up our approach to advanced sciences and technologies in novel materials. We are looking forward to exploring more innovative ideas through our engagement with CAS,” said Xudong Huang, Vice President of PetroChina Shanghai Advanced Materials Research Institute.

About CAS

CAS connects the world’s scientific knowledge to accelerate breakthroughs that improve lives. We empower global innovators to efficiently navigate today’s complex data landscape and make confident decisions in each phase of the innovation journey. As a specialist in scientific knowledge management, our team builds the largest authoritative collection of human-curated scientific data in the world and provides essential information solutions, services, and expertise. Scientists, patent professionals, and business leaders across industries rely on CAS to help them uncover opportunities, mitigate risks, and unlock shared knowledge so they can get from inspiration to innovation faster. CAS is a division of the American Chemical Society. Connect with us at cas.org.

About PetroChina Shanghai Advanced Materials Research Institute

PetroChina Shanghai Advanced Materials Research Institute, located in the Lingang Shanghai, was established in December 2021. It is a wholly owned subsidiary of China National Petroleum Corporation (CNPC) with innovation functions in fundamental research, product development, industrial-scale piloting, technical service and academic collaborations. The research areas cover a broad spectrum of novel chemical materials for the markets of electronics, medical, transportation and new energy. 

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