Aite Novarica Research Report: Open banking evolution and use cases

Read this report to understand post-regulatory global trends in open banking, including use cases for commercial and retail clients based on value-added services supported by open banking for treasury management operations, acceleration of prebuilt enterprise resource planning (ERP) connectors, and how open banking can support new models for payments.

Download the report to learn more about these key takeaways from the study:

Platformization” is at the core of open banking deployment: The development of open banking is accelerated by fintech firms that provide robust API integration platforms through which financial institutions (FIs) and businesses can quickly and easily consume on-demand apps built by a healthy ecosystem of third-party developers.

Banking-as-a-Service (BaaS) responds to increasing business needs for embedded finance: Leveraging APIs, banks have started to offer BaaS to fintech firms and other enterprises. The services are delivered through the bank’s API platform or through a third-party platform with which the bank has contracted.

Banks are testing strategies to monetize open banking: To remain competitive, banks are developing end-to-end specific journeys that help them identify how to monetize the adoption of open standards, how exactly to find—and partner with—the right fintech vendor, and how to effectively provide the banking back end to the fintech front end that will turn the construct into a repeatable business.

Open (banking) payments respond to business needs for new payment methods: Online merchants have a growing interest in adding open payments as a new payment method to their checkout page, as open payments can offer several advantages over cards. Conversion and cost reduction are the main business drivers.

Open payments are a strategic opportunity for FIs: Banks and payment service providers (PSPs) can offer innovative account-based payment services to their clients. FIs that go beyond compliance and integrate open payments into their payment strategies will create new customer value and compete for the increasing share of account-to-account (A2A) payments in commerce and other industries.

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