Case studies that will open your eyes to new possibilities
Banking is changing
All over the globe, demand for digital experiences, competition from technology firms, and rising regulatory pressures are forcing banks to re-think existing business models and expose their capabilities as APIs.
The brief examples in this guide will help you understand the value open banking and finance APIs can bring to your business, including:
- Building partnerships to expand your reach to the unbanked and underbanked
- Gaining new customers by integrating directly with the platforms, apps, and services where people do business
- Building customer loyalty by helping corporate banking customers automate workflows and improve liquidity
Open banking API products do not yet reflect the full range of opportunities that open banking can foster. Last year brought dynamic, strategic leadership amongst card processing, payments providers, and API aggregator services to create vibrant, open finance ecosystems around their platforms. These platforms aim to make it easier for businesses and startups to build new financial services and products that meet consumer and business demand. They are focused on integrating financial services into existing customer value journeys.
Open banking could similarly expose financial functionalities that enable these types of services to be created, but to do so requires banks to work with external partners, leveraging business models that share revenue amongst various stakeholders. While there are some banks moving in this direction, it is a small subset of leadership banks rather than the industry as a whole.