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Account aggregation enables financial information users to view details from multiple resources in one convenient location. In addition, information from multiple accounts can be viewed on a single user-friendly interface. Moreover, multiple account management eliminates the need for users to switch between multiple sources. As a result, users can access multiple account balances and transaction information on a single platform as directed by the main source.
The global account aggregators market is segmented on the basis of component, application, and region. Based on component, the account aggregators market is bifurcated into software and service. In terms of application, the market is categorized into bank, financial institution, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global account aggregators industry include MX Technologies Inc., Finicity, Fiserv Inc., Yodlee Inc., Finvu, Onemoney, Zauba Technologies & Data Services Private Limited, NESL, Envestnet, Perfios Account Aggregation Services Pvt. Ltd., and Verizon Media. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
Top Impacting Factors
Rapid adoption of aggregator technologies, such as artificial intelligence, machine & cognitive learning, and advanced analytics, is propelling the market forward. However, privacy & data protection is expected to hamper the growth of the market. Contrarily, the ability to revolutionize the digital lending segment and promote businesses into the formal credit system are expected to provide lucrative opportunities to the market.
Privacy and Data Protection
The current mechanism for sharing financial asset-related details is through the usage of physical paper mode, which has a high risk of theft. In addition, the risk of data misuse is reduced with the help of Financial Information Provider (FIP) and Financial Information User (FIU) regulated entities. These regulated entities are implemented among banks, financial institutions, and insurers as they provide adequate controls on data storage and usage. As a result, these factors are boosting the growth of market.
Digitalize Lending Segment
Attributed to lack of data and slowing growth in financial health of businesses, small businesses across emerging countries have lower access credits or loans. Lenders continue to evaluate a business based on either the collateral or their financial information of the companies in the market. However, lending to small businesses is gradually becoming a digitalized process. Therefore, rise in digitalization in the lending segment is expected to foster the market growth of the account aggregators in the coming years.
Key Benefits of the Report
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Questions Answered in the Account Aggregators Market Research Report
Account Aggregators Market Report Highlights
Aspects | Details |
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By Component |
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By Application |
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By Region |
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Key Market Players | NESL, Finvu, Finicity, Fiserv Inc., Yodlee Inc., Verizon Media., Onemoney, Perfios Account Aggregation Services Pvt. Ltd., Zauba Technologies & Data Services Private Limited, MX Technologies Inc., Envestnet |
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