Eco-Friendly and Multi-purpose Needs to Bolster Asia Botanic Fibers Industry: Ken Research

Botanic fiber by definition is relating to plants or plant life or any substance obtained from a plant. The available botanic fiber in the Asian market is lyocell which is a form of rayon consists of cellulose fiber made from dissolving pulp or bleached wood pulp and reconstituted through spinnerets into fiber. Lyocell is a semi-synthetic fiber as it is manufactured from a naturally occurring polymer as opposed to a synthetic fiber derived from petroleum. Rayon is manufacture from tree pulp where wood chips are converted into chemical slurry that reconstitutes the slurry back into a fiber. Cotton is a botanic fiber that is extracted directly from the cotton plant and undergoes very little processing. Cotton is truly both a natural and botanical fiber. Asia natural circular economy is inspired by nature, with the introduction of botanic fibers in the textile market,. All the available botanic fibers production units in Asia focus on protecting the environment and preserve the natural resources.

Manufacturers of botanic fibers are following stringent ecological regulations by introducing closed chemical loop production. Lyocell production is a recycling modern and extremely environmentally compatible process. The pulp derived from botanic cellulose is dissolved easily in a mechanical or physical process and spun into high-quality fibers. The various processes and technologies in the manufacture of botanic fibers in Asia are Viscose and Modal process, Lyocell process, Eco Filament technology and REFIBRA technology.

According to the study “Asia Botanic Fibers Industry Situation and Prospects Research Report”, wool, silk, synthetics, cotton and linen are the various product types in Asia’s botanic fibers industry. Hygienic products, apparels, textiles and other are the various applications in Asia’s botanic fibers industry. Geographically, Asia’s botanic fibers industry is spread across China, Japan, India, Korea, Saudi Arabia and other regions. The leading players in botanic fibers industry in Asia are Lenzing, Ihsan Sons, Kelheim Fibres, Barnhardt Manufacturing, Fiber Visions, Tangshan Sanyou, Fulida, Hi-Tech Fiber Group, Sateri, Aoyang, Yibin Grace Group, Bohi Industry, Xiangsheng Group and Xinxiang Bailu.

After the end of the botanic fiber life span, the fibers decompose by biological means back into the soil without leaving any harmful residues. These fibers are very effective in absorbing moisture from the human body, purity of the fibers, soft and supple. In contrast to cotton, the fibers are already equipped with certain additional properties during the production process such as colours and flame-resistant. Botanic fibers are subjected to strict medical and hygiene standards which are considerable to economic advantages.

The increasing demand for environment-friendly, absorbable, multipurpose, decomposable, and economical fibers has led to a drastic growth in botanic fibers market in Asia. The increasing demand for textile manufacturing in emerging Asian economies such as India, China, South Korea, Japan, Pakistan, Taiwan, and Indonesia account for a major share in the botanic fibers market. Manufacturing is not only restrained for fabric but also involves production and sale of threads, which are utilized through numerous end-use businesses. Vietnam and Bangladesh are the possible upcoming market for botanic fiber products. The increasing awareness and demand for botanic fibers will drive the industry in Asia over the next few years.

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Evolution in nylon and polyamides market to fuel Asia Dodecanedioic Acid Industry: Ken Research

Dodecanedioic acid is known as DDDA, which is a dicarboxylic acid that used in top-grade coatings, antiseptics, painting materials, surfactant, corrosion inhibitor, and engineering polymers (nylon 612). It is also used in the manufacture of corrosion inhibitors used in water treatment, chemical, pulp and paper, powder coatings and other industrial facilities. Powder coatings manufactured using DDDA have a number of advantages over conventional liquids such as higher resistance to corrosion, abrasion, chipping, high quality finish, protection from chemicals, heat, moisture. Additionally, powder coatings are free from all variants of solvents resulting in negligible volatile organic compounds (VOC) emissions and are termed as eco-friendly coating. DDDA is used in the manufacture of polyesters, especially polyamides and epoxy resins. In the medical sector, intravenous infusion of DDDA in type 2 diabetic patients helps in maintaining blood sugar without affecting the energy levels or increasing the blood glucose in the human body. DDDA is used as a primary constituent for corrosion resistant coats and heat transfer fluids.

Evolution in construction and automotive industries has led to a huge demand for paints and coatings propelling the growth of the dodecanedioic acid market. Nylon is used in manufacturing thermoplastics, fabrics, screws, gears and ropes with its excellent properties coupled with improved performance, high tensile strength, high elasticity, and easy availability. Manufacture of nylon 612, powder coatings, adhesives, and paints is driving the demand for DDDA in Asia due to industrialization. Nylon 612 is used the manufacture of coatings, polyesters, greases, detergents, fragrances, and adhesives. It has attractive heat resistant property which helps in production of heat resistant thermoplastics.

According to the study “Asia Dodecanedioic Acid Industry Situation and Prospects Research report”, the increasing demand for zero volatile organic compounds in paints is another key factor driving the dodecanedioic acid industry. Resin manufacturing accounts for a largest share in the DDDA market. Stringent environmental concerns related with the production of dodecanedioic acid could hinder the growth of DDDA in Asian markets. The introduction of bio-based DDDA is expected to nullify the declining market. Bio-based DDDA will replace approximately 30% of petrochemical product industry in the next few years.

Cyclododecane, Dodecyl Alcohol, 1-3-Butadiene and Hydrogen Peroxide are the few types of products available in Asia’s Dodecanedioic Acid industry. Various aaplications of Dodecanedioic Acid in Asia market are resins, powder coatings, adhesives, lubricants and others. Geographically, Dodecanedioic Acid market in Asia is spread across China, Japan, India, Korea, Saudi Arabia and other region. The leading players in Dodecanedioic Acid market in Asia are Evonik, Dupont, Verdezyne, BEYO Chemical, Cathay Industrial Biotech, UBE INDUSTRIES, Nantong Senos Biotechnology, Santa Cruz Biotechnology, and Zibo Guantong Chemical.

Industrialization in Asia accounts for a larger share in the DDDA market; however, China is the largest producer as well as consumer of DDDA. Initiatives toward environmental sustainability are expected to encourage the leading manufacturers in the exploration of bio-based routes for the production of dodecanedioic acid. Evolution in nylon and polyamides market is fuelling the growth of DDDA market prospects in Asia. Increasing crude oil prices and carbon footprint on the environment has led to increased investments on R&D by manufacturing companies, to produce more bio-based DDDA. Asia’s stringent environmental and government regulations on petroleum-based products has motivated DDDA manufacturing units to use bio-based resources, as an alternative, in the production process. Increasing focus towards bio-based dodecanedioic acid will witness a steady growth of Asian dodecanedioic acid market during the next few years.

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Trends In The Power Generation Market Outlook: Ken Research

According to the study, ‘Deep Dive: Power Generation Market’, the companies that are present dominantly in this area of operations include General Electric and Siemens AG. These companies hold majority share in the market due to their long presence in the market which has resulted in them possessing huge financial capabilities. The developing markets such as Africa and Asia are expected to show high degree of growth rate due to the increasing economic prosperity as well as improving standard of living which will shoot up the demand for power in the respective regions. Consequently, the consumption in the developed markets shall be slow due to already existing upgraded technologies as well as more competition.

There is no doubt that power is a key driver for the human industry. In order to ensure keeping up with our current way of life, and ensure future economic prosperity, power generation is a major industry that needs to flourish in order to accommodate the growing demand. Due to the strong influence, power industry possesses on the social as well as economic life, power supply needs to maintain strict quality standards that shall ensure not just overall effectiveness but also cost efficiency. The power sector has been ensured with quality up to date technology as well as a sound legal framework which was enough for companies to ensure their profitability. Due to the great degree of pressure that is being exerted by socio-economic factors, companies have to regularly keep up with the dynamic environment ensuring that no objective is left behind. There are 2 types of markets. The developed markets are characterized by slow growth rates but high degree of competiveness (EU and USA). The second type of market is one in which the growth rate of the industry is high however, the degree of competitiveness is low (Africa, Asia). The companies that operate in this industry are pressurized to follow strict legal norms and bring in technological up gradation in their technique of production in order to ensure energy generation that does not cause a negative impact on the environment.

Over the last few years, companies have started to generate electricity via renewable forms of energy. This is because most of the governments across the world have begun to incentivize the generation of power via renewable forms of energy which makes it more cost competitive. Also, the adoption rate of this form of energy generation is quite high. This is due to the fact of decreasing environmental quality and increasing awareness which has led to a high rate of adoption.

The renewable forms of energy generation are expecting to witness a strong growth in the upcoming years which can be a huge attraction for many companies. The competition over the years is expected to increase. The companies shall be able to gain major market share if they are able to produce energy from renewable forms of energy as they are most competitive and environment friendly thus more acceptable. The overall growth rate has remained high for the past few years which been expected to be carried to the upcoming years as well.

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Evolution in Eco-Friendly Resins to dominate Asia Bio-Based Resins Industry: Ken Research

Bio-based resins are synthetic compounds made from renewable raw materials which are different from conventional resins and are used for the manufacturing of various products such as packaging materials, furniture, carpets, films, bottles, cups, and automotive parts. The increasing sales of natural products, use of green products with functional benefits, and the need for sustainable manufacturing processes has stimulated the need for bio-packaging materials made from bio resins. Almost all the plastics and packaging manufacturers are adopting bio-packaging products due to the increasing preference for eco-friendly packagings. The stringent environmental regulations, the need to meet the corporate sustainable goals, and inclination towards the green branding of products are propelling consumers to adopt bio-based resin products. Asian markets are witnessing a high rate of penetration of bio-based resin waste bags and loose-fill packaging materials because governments are promoting the use of bio-based or biodegradable resins that are fuelling the use of bio-based resins in various applications.

According to the study “Asia Bio-Based Resins Industry Situation and Prospects Research report”, bio-based resin market in Asia comprises of multiple vendors and is highly-competitive. Due to rapid advances in technology and changing dynamics will definitely intensify the market’s competitive environment. Majority of the vendors are focusing on creating strong brand names with well-established products that exhibit long-term reliability.

Non-Biodegradable Bio-Based Resins and Biodegradable Bio-Based Resins are the two types of bio-based resins available in Asian markets. Packaging, automotive, construction and other industries are the major end-users of the bio-based resins in Asia. Geographically, bio-based resins in Asia market is spread across China, Japan, India, Korea, Saudi Arabia and other region. The leading players in bio-based resins in Asia market are BASF, DuPont, Dow Chemical, Arkema, Ashland, DSM, Huntsman International, Braskem, Metabolix, Cereplast and Ecospan. dThe non-biodegradable bio-based resins segment will account for a major share in the Asian markets. The various types of non-biodegradable bio-based resins are bio-polyethylene terephthalate, bio-polyol and polyurethane, bio-polyamides, bio-polytrimethylene terephthalate, and bio-polypropylene. The growing importance of sustainable packaging in Asia coupled with the popularity of bio-based resins will surely fuel the market. 

Majority of the manufacturers are using bio-based resins to produce bottle caps, mineral water bottles, carbonated soft drink bottles, and dairy packaging. Emerging economic conditions, environmental concerns, changing consumer behaviour, rising preference for convenience foods, demand for special packaging, availability of eco-friendly products such as eco-resins, and need to extend the shelf-life of fresh food items are few factors boosting the demand for bio-based resins in the packaging sector. Consumer appeal towards the eco-friendly packaging materials will surely drive the growth in Asia’s bio-based resins market over the next few years.

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Rising Demand In Fireproof Glass Industry Market Outlook: Ken Research

According to the study, ‘Asia Fireproof Glass Industry Situation and Prospects Research Report’ some of the major companies which are currently functioning in this sector includes such as Saint-Gobain, Schott AG, Asahi Glass, NSG Pilkington, Pyroguard, Anemostat, Fuso Glass India Pvt. Ltd., Promat International Nv, Ravensby Glass Co. Ltd., Safti First Fire Rated Glazing Solutions, Glass Dynamics Inc, Nippon electric Glass co. Ltd, Nippon Sheet Glass Co. Ltd., Technical glass Products, Fuso Glass India Pvt. Ltd. The key market players are focusing on the joint ventures, mergers and acquisitions to acquire the large share in the market. In addition to this, the key market player of the fireproof glass for building and ships are being developed. Hence, the massive investment towards the fireproof market is anticipated to increase the demand in the coming years.

The history of fireproof glass goes back to the 1980s, when the first company uniquely specialized in the research, manufacture and marketing of sustainable fireproof glass of highest resistance glasses. Fireproof glasses are for people’s safety always, as safety comes first. With this safety measure the demand of fireproof glass is increasing positively in the recent years. In addition fireproof glasses are used where building regulations impose a specific level of fire proof and the place where people want natural light and clear visibility such as restaurants, offices, airports, schools, library, shopping malls, industrial buildings and others. Due to the application of fireproof glasses such as clarity or visibility that provide good vision without sound reduction, fire screen and doors, safety room fire and others the demand for fireproof glass is expected to increase significantly in the coming years.

Government organizations have also introduced many safety measures followed by regarding specific type of fireproof glasses. This is one of the cautions for global fireproof glass market. The fireproof glass market can be discriminated on the support of material, usage, type, end-use industry and others. Further the type of fireproof glass market can be segmented into wired, ceramic, laminated, and tempered.  In addition, construction, marine, transportation, and others are the application of fireproof glass. The market of fireproof glass can also be discriminate on the residential, commercial, and industrial basis.

The fireproof glass market gives geographic growth as the demand is growing. Moreover the new strategies and investment enhances the status of the market geographically. The market of fireproof glass is spread across China, Japan, India, Korea, Saudi Arabia and other regions. However, Asia-Pacific region is also expected to manage a significant share in the global fireproof glass market. Besides this Europe is expected to account for more than half share of the global fireproof glass market but Asia-Pacific region is expected to witness a relatively high growth rate in the global fire proof glass market. Therefore the fireproof glass market is highly competitive with the presence of both regional and global players operating in the market. Increase in demand resulted in higher competition. In future, it is anticipated that there will be boost in the market in the future years as well.

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The Success Of The Indian Baby Food Sector Market Outlook: Ken Research

India is the second most populated country in the world after China despite not having a high birth rate. The Indian baby food industry was recently valued in billions of US dollars showing the vastness of this sector. According to the study, ‘THE BABY FOOD SECTOR IN INDIA, 2018’, the target consumers of commercially available baby food range from infants (babies aged six to twelve months ) to toddlers (children up to three years old). Baby food is available in various flavors and in both solid and liquid form. India comes under the categories of developed and developing nations whose population, due to modern day time constraints, has reduced the use of homemade baby food.

India’s economic and industrial stronghold has not benefitted its baby nutrition sector since India is among the world’s five largest emerging economies where investment in breastfeeding is significantly low resulting in an annual economic loss of billions of US Dollars due to child deaths and cognitive losses. As employment increases young working women have begun shifting to packaged baby food for supplementing breast milk. While focus has mainly been on milk formula and dried baby food, several prepared baby foods and other such products made appearances on store shelves of major cities in 2010 and have been flourishing ever since. Every company is adopting the strategy of new flavors and new nutritional content in order to attract customers. Growing concerns about nutrition has made parents conscious about what their babies consume and hence, organic baby food is also coming up these days. The company, 24 Mantra Organic is more than a decade old and is India’s largest organic foods brand. Happy Family Organic Super Foods has a range of baby foods that include puree pouches of mango, apple and peach among others. Pristine Organics is the first brand in India to make certified organic weaning foods. Earth’s Best Organic Baby Food provides a wide range of baby food including infant cereals, food for toddlers and age specific options as well.

Though baby food market in India is one of the fastest emerging sectors, the government’s regulation in India is very strong and makes it tough to operate in infant food and nutrition. India’s policies regarding milk formula and infant foods are stricter than those of some of its neighbors and advertising in the category is banned. However, retailers and companies partner for mutual gain. Supermarket chain Big Bazaar launched imported prepared baby food brand Gerber in their outlets in the metro cities in 2010. Even vegetable flavors have been launched in certain baby food products as mothers consider such variants to be more nutritious. Even the most renowned organic baby food manufacturers in the country cannot compete with Nestle which has an absolute monopoly over the Indian baby food market. This company is holding nearly four-fifth of the entire child nutrition market in India.

The rapidly growing Indian baby food sector’s success can be attributed to the fact that it has identified the target audience properly. Urbanization is leading to a greater demand for packaged baby food however; growing concerns regarding child nutrition keep the quality aspect in check. India too is adopting organic baby food but with unfavorable legal situations, companies and retailers seem to benefit mostly in partnerships.

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Advanced Technologies to Bolster Asia Braided Composites Industry : Ken Research

According to the study “Asia Braided Composites Industry Situation and Prospects Research report”, emerging economies such as India, China, are anticipated to lead the braided composites market on account of the increasing demand from numerous application sectors such as aerospace, defense, transportation, automotive and wind energy. Mergers and acquisitions and R&D activities together with new product development by major companies are projected to augment the market growth. In addition, superior features in braided composites are provided by the products particularly in CFRP such as carbon fiber reinforced plastics on account of technological innovations and new high-value applications are fuelling the Asian markets.

Braided composites are highly valuable engineering structures designed and manufacture for modern aerospace applications. Airbus A350-1000 is currently under development which is one of the first large-scale aerospace manufacturing using braided composites. Braided composite structures and materials are best suited for aerospace applications. The mechanical behaviour of braided composites' structures and methods used to model their properties are introduced in current aerospace applications of braided composites in the aerospace industry. Other applications of braided composites are in wind energy sector, electrical & electronics sector, automotive sector, marine, aerospace and defense sectors. The expansion of numerous end-user applications of braided composites coupled with strength, thermal conductivity performance properties and high corrosion resistance is propelling the braided composites market in Asia.

Aerospace and defense sectors account for a major share in braided composites within aerospace due to the ongoing process of manufacturing advanced technological aircrafts with innovation over traditional manufacturing process. Braided composites possess high performance properties and the increasing need for lightweight aircrafts in the domestic, defense and military aircrafts coupled with high corrosion resistance are a few crucial factors enhancing the growth of composites market in Asia.

Braided composites are also used in wind energy applications owing to its wide application as clean energy materials. Infrastructure development for public transport and growing automobile industry is anticipated to augment the further expansion of braided composites market. Increasing development of industrial application such as transportation, wind energy and aerospace and defense is enhancing the growth of the braided composites market coupled with rapid metropolitan development of the cities, the existence of major braided composites manufacturers in Asia which are the major factors propelling the growth of the market.

Biaxial, triaxial and other variants are the various product types available in braided composite market in Asia. Aerospace, defense, automotive, sporting goods and others are the multiple applications within the braided composite market in Asia. Geographically, braided composites in Asia market is spread across China, Japan, India, Korea, Saudi Arabia and other regions. The leading players in braided composites market in Asia are Airbus Group, BMW AG, Exelis Inc. (Albany Engineered Composites), GE Aviation, GKN Aerospace (Fokker Landing Gear B.V), Highland Industries Inc., Munich Composites GmbH, Revolution Composites LLC and Sigma Precision Components Ltd.

Asia accounts for a largest share in the braided composites market due to evolution in aerospace market. Emerging economic conditions are propelling the need for braided composites in the aerospace sector. The increasing consumption of braided composites for various applications is encouraging the market towards expansion in various sectors attracting huge recognition and this trend will continue over the next few years in Asian markets.

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The Landscape of the Block Chain Technology in the Utilities Industry: Ken Research

Block chain is nothing but growing list of records which are interconnected via a method known as cryptography. Block chains can also be related to public ledgers which are open to edit by any party. These public records are being widely used in the crypto currency network due to the high level of security that is associated with the block chain technology. One recent and visible trend is the increasing adoption block chain technology in the utilities industry. The block chain has significantly improves its visibility in the block chain industry. The future of the utilities market is going to be very bright, which shall consist of millions of endpoints such as solar devices as well as PV devices, digital customer platforms. In order to ensure quick and hassle free business transactions, security of data exchange shall be essential in an ever changing environment. This is where block chain comes in.

In a dynamic landscape, many companies have entered this industry in order to take advantage of the increasing growth rate. According to the study, ‘Blockchain In Utilities - Thematic Research’, some of the companies that provide block chain technology services to the utility industry include Accenture, Cognizant, Credit China FinTech, Goldman Sachs, IBM, Microsoft, Ping An, Santander, Axoni, BitFury,Digital Asset Holdings, Filament, LO3 Energy, R3, Ripple, Slock.it, Grid Singularity, Veridium Labs, Ponton (Enerchain), Power Ledger, Electron, Innogy/E.ON, TenneT and Centrica. There are various benefits that are involved with the use of block chain. The major benefits involved with the use of block chain technology are system transparency as well as data security. A distributed ledger will make it possible for machine to machine learning. One of the big assets that are involved with the block chain that could prove extremely useful in the utilities industry is the certification and traceability.

Utilities market is also becoming more and more decentralised as a result of growing importance of this type of distribution channel. Therefore the market that channel that is dominant is the decentralized one. The major problem with centralized distribution channel has also risen due to the increasing adoption of electric vehicles and so are the factors like small and local micro energy micro grids. Increasing the use of technology such as block chain allows for coordination between many players and also facilitates the transfer of information between two conflicting players through the mechanism is smart contracts. Block chain also has the potential to ease out the billing process by reducing the time that is spent on paying these due to a technology called smart metering. Smart metres associated with block chain can be used to create an environment of safety and transparency.

The competition landscape of the industry is fragmented with many companies beginning their operations in this industry. However, major achievements with respect to the technology can be associated with big companies which tend to hold a high share in the market. The overall growth rate of the in block chain in the utilities sector has been increasing rapidly especially in the recent years. Although slow however, the growth shall be immense in the future.

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Industrialization to Boost Asia Dithiocarbamate Vulcanization Agents Industry-Ken Research

According to the study “Asia Dithiocarbamate Vulcanization Agents Industry Situation and Prospects Research Report”, ZBEC, ZDBC, ZDEC, ZDMC, NOBS(MBS), ZBED and SBDC are the various types of dithiocarbamate vulcanization agents available in Asian markets. Various applications of dithiocarbamate vulcanization agents in Asian rubber markets are NR, IR, BR, SBR, EPDM and their latexes manufacturing processes. Geographically, dithiocarbamate vulcanization agents market in Asia is spread across China, Japan, India, Korea, Saudi Arabia and other regions. The leading players in dithiocarbamate vulcanization agents market in Asia are Lanxess, Arkema, China Sunsine Chemical Holdings, Vanderbilt Chemicals, Akrochem, Willing New Materials Technology, Zhengzhou Double Vigour Chemical and NOCIL.

A very large number of chemicals that belong to different chemical classes are known to accelerate rubber vulcanization process. Almost about 50 such accelerators are used on a commercial scale for various industrial processes. Primary accelerators and secondary accelerators are the vulcanization curatives available in the Asian markets. Primary accelerators possess long scorch time and cure fast during the vulcanization stage. The two major classes of primary accelerators are sulfenamides and thiazoles. However, secondary accelerators possess synergistic effect on cure such that it boosts cure and increases the cross-link density and are used at much lower concentrations. Guanidines, thiurams, and dithiocarbamates are the three most important classes of secondary accelerators. Dithiocarbamates are ultra fast accelerators that have virtually no induction time. Therefore, dithiocarbamates are used as primary accelerators and retarders that are usually added to avoid scorch coupled with the requirements for activation such as zinc oxide / fatty acid.

A wide range of zinc dialkyl dithiocarbamates are commercially available in the Asian markets. Dimethyl- (ZDMC), diethyl- ZDEC) and diburyl-dithiocarbamate ZDBC) are the three very common dithiocarbamates available. The scorch safety of the compounds increases with increasing length of the alkyl group such as ZDMC, ZDEC and ZDBC where all three have similar high reactivity. However, their solubility in non-polar rubber compounds is rather low due to the very polar nature of zinc sulphide bonds and therefore, have a tendency to bloom to the surface at higher concentration. Dirthiocarbamates are a good choice for low sulphur cure, low temperature cure, white/transparent or brightly coloured rubber goods and as secondary accelerators to speed up cure in vulcanization process. Dithiocarbamates are used in pesticides, as vulcanizing agents and in pharmaceuticals industries.

Asia accounts for a largest share in the dithiocarbamate vulcanization agents market due to rapid industrialization. It was observed that there is a significant rise in the automobile market in Asia. High disposable incomes, rising economy levels, need for a personal vehicle per individual and modernization are propelling the need for automobile per individual are amongst the key factors influencing the growth of the automotive market coupled with dithiocarbamate vulcanization agents market in Asia. Rubber products are not only used in the manufacture of automobile tyres but for various other durable products to enhance the current living standard in Asia. The increasing consumption of dithiocarbamate vulcanization agents for various applications is encouraging the market towards expansion in various sectors attracting huge recognition and this trend will continue over the next few years in Asian markets.

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Open Banking Changing Customer-Lender Interaction Market Outlook: Ken Research

Open banking is a system that provides a user with a network of financial institutions’ data through the use of application programming interfaces (APIs) which are a kind of ‘go-between’ that enables a software program to interact with other software. In the context of trading, an API often refers to the interface that enables your software to connect with a broker to obtain real time pricing data. According to the study, ‘Open Banking – Thematic Research’, open banking will give consumers the power to grant third parties the right to access their account.

Not only will open banking benefit people, but it will also be a booster and major source of innovation to the banking industry. For instance, open banking APIs can facilitate the sometimes-onerous process of switching from using one bank’s checking account service to that of another bank. The API can also look at consumer’s transaction data to identify the best financial products and services for them, such as a new savings account that would earn a higher interest rate than the current savings account or a different credit card with a lower interest rate. Open banking could also help the consumers get a more accurate picture of their own finances before taking on debt.

The utility of open banking through apps is also under research and development. An open banking app for customers who want to buy a home could automatically calculate what customers can afford based on all the information in their accounts, perhaps providing a more reliable picture than mortgage lending guidelines currently provide. Another app might help visually impaired customers better understand their finances through voice commands.

The system that helps the customers will also assist the lenders. Through the use of networked accounts, open banking could also help lenders get a more accurate picture of a consumer’s financial situation and risk level in order to offer more appropriate loan terms. Open banking also has the possibility of helping small businesses save time through online accounting and help fraud detection companies better monitor customer accounts thereby identifying problems sooner. All these features are helping open banks gain popularity and they are being approved in some parts of the world. In January 2018, after an extensive two-year planning period, the Payment Services Directive 2 (PSD2) arrived in Europe. This directive has forced European banks to open up their APIs to financial technology and finance companies. Now, the ability to directly serve and add value to customers will no longer be owned by banks but shared with tech companies and telecommunication firms. This technological upgrade has been longed for by European customers for a long time evident by the fact that more than one-third of European consumers say that they would change their bank if it did not offer them up-to-date technology.

Open banking is changing the banking industry and is making the customers and institutions interact in a very different manner. This new technology is creating competition for traditional banking institutions whilst maximizing customer satisfaction by catering to varied needs even by means of apps. The PSD2 has grabbed the attention of the global banking sector and changed the game for banks in Europe.

To know more click on the link below:

https://www.kenresearch.com/technology-and-telecom/it-and-ites/open-banking-thematic-research/152720-105.html

Related Reports:

https://www.kenresearch.com/banking-financial-services-and-insurance/banking/preparing-psd2-open-banking/48957-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/banking/open-api-banking-defining-potential/48902-93.html

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