(MENAFN- Mid-East.Info)
Dubai, UAE: The global open banking market is projected to reach $43.15 billion by 2026, up from US$7.3 billion in 2018, according to a recent report from Allied Market Research , growing six-fold in eight years, as financial regulators, experts and officials gather at the 2nd Open Banking Forum that takes place at Dusit Thani Hotel in Dubai from December 6 to 7, 2021.
Open Banking is a technology-powered practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of Application Programming Interfaces (APIs), according to Investopedia. It is also known as 'open bank data'.
API in essence, enables third-party developers to build applications and services around financial institutions. It facilitates greater financial transparency and helps financial institutions to innovate and create new and tailored services for its customers. With changing regulatory mandates, open banking has been gaining significant momentum across the globe.
The 2nd Open Banking Forum will touch on the changes in the global financial services market that is expected to grow at 9.9 percent from US$20.49 trillion in 2020 to $22.51 trillion in 2021 and $28.52 trillion in 2025, according to Research and Markets , a global research advisory. The banking sector represents more than a quarter of the size of the global economy.
The COVID-19 pandemic has accelerated the digitisation across all aspects of business and public life and banks were forced to adopt touchless payment transactions due to the nature of the crisis posed by the Coronavirus. Open Banking, powered by APIs are rapidly changing the banking and payment industry globally, so much so, that banking services are becoming touchless and seamless while the customer interaction is becoming more effective without human interaction.
“Open Banking is not only changing the payment landscape but the overall customer experience in the financial sector which needs to be examined, debated by experts to give a clearer picture on the future of banking,” Nizam Deen, Founder and Chief Executive Officer of CS Events , says.
“The future of banking will be reshaped by Open Banking – the back-end architecture that will improve customer experience in a digital banking environment. However, we are bringing out the best possible outcome in the banking industry by highlighting the developments.
“Open banking is a driving force of innovation in today's global banking industry. It allows the networking of accounts and data across institutions for use by consumers, financial institutions, and third-party service providers. It is becoming a major source of innovation that is poised to reshape the banking industry.”
The number of open banking users worldwide is expected to grow at an average annual rate of nearly 50 percent between 2020 and 2024, with the European market being the largest. Europe accounted for approximately 12.2 million open banking users in 2020. This figure is expected to reach 63.8 million by 2024. As of 2020, 24.7 million individuals worldwide used open banking services, a number that is forecast to reach 132.2 million by 2024.
According to data presented by Finaria.it, the global digital payments industry is expected to hit $6.6trn value in 2021, a 40 percent increase in two years. Most of these payments are done through the digital banking channels, enabled by innovative financial technology solutions such as APIs – which will be highlighted at the Open Banking Forum.
The two-day 2nd Open Banking Forum hybrid conference could be participated both virtually and in-person, will see more than 200 experts, regulators and financial professionals discuss the fintech-led disruption in the banking and financial sectors as well as opportunities in the financial sector.
These comprehensive transparency drive has led to the development of Open Banking, which requires big banks to share their customer data with third parties. At the heart of Open Banking lie application programming interfaces (APIs). The digital banking sector, powered by APIs, is growing at a faster rate than the global economy, even when the world is passing through a public health pandemic.
“The banks in the UAE and the GCC are currently seeking the best financial technology services for Open Banking system to increase customer acquisition and growth. The 2nd Open Banking Forum will examine the pros and cons of the digital disruption in the banking sector,” Nizam Deen says.
The 2nd Open Banking Forum is supported by Abu Dhabi Global Markets, Mashreq, Abu Dhabi Islamic Bank, Zand and Magnati.
About Cogent Solutions Event Management (CS Events) :
A leading“customer centric event management company” founded on the belief of getting the right information to the right people at the right time – through business conferences.
Organising customer centric high-quality conferences and boardrooms that solves immediate market problems providing total control to our customers and clients is the reason why we exist,“we are Cogent Solutions Event Management”, we challenge the status the quo, and aim to organise the best events in the industry.
Established in April 2020, CS Events has emerged as one of the most successful corporate events management companies in the UAE working with top government entities and multinational private companies. Thanks to their unique belief in“challenging the status quo” and“truly putting customers first” approach.
Since its inception with a single employee, CS Events has grown from strength to strength due to the company's in-depth knowledge of the industry, ability to understand client's needs and specifically create conferences and executive boardrooms that solve immediate market problems. It currently has a team of 17 professionals while it is looking for more professionals to expand its business.
It's team of highly experienced industry professionals create, distinctive and targeted virtual, hybrid and physical conferences for businesses to communicate their value message to a prequalified and focused audience. Its ' Crowd Connect' conferences give businesses unique access to any market, industry and senior decision makers anywhere in the world with no limitation of access.
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