How much do you really know about open banking?

We’re ready for open banking. That means you can be ready, too.

The 6th-annual Open Banking State of the Market Report is here. It reveals “a vibrant industry that is rapidly shifting to a more digitized, more interconnected, more platform-based environment.” Open banking means open APIs. And that means Axway. If this informative report convinces you that your bank needs to gear up to compete in the open banking market, we can help get you there.

How to access the report

To get started, check out this infographic — a visual, interactive overview of the report. From the infographic page, you can download the full report. It’s a 61-page treasure-trove of data mined from quarterly reviews, interviews with industry leaders, analysis of regulations, news reports, and other sources — all displayed in a colorful, easy-to-consume format.

What’s in the report?

Without spoiling things, here’s a high-level view of what you will find in the report.

Definition/Description

  • API-platform-based
  • Open, integrated ecosystem
  • Open API standards

The market

  • 423 banks globally with open banking platforms
  • 2,845 open banking API products
  • 269% annual growth rate

 

Business benefits

  • Extension of reach
  • Greater profitability than traditional banking
  • Regulatory compliance
  • Happy customers

Consumer benefits

  • Anywhere, anytime access (freedom of choice)
  • Improved savings and money management
  • Seamless experience
  • Entry point for the disadvantaged

The future

  • 2020 a “hinge” year
  • The Age of Transformation is here now
  • Businesses must embrace open banking to compete

“We have entered the Age of Transformation. Banks no longer have the complacency to take small, begrudging steps while eking out as much value from their traditional business model as possible. Going forward, banks will need a portfolio of business models that draw on relationships in a growing, vibrant, diverse ecosystem in order to survive.”

Axway is uniquely positioned to help you catch the open banking wave.

Axway’s 20 years of experience and API-first approach uniquely position us as a trusted partner in the open banking industry. We live to create brilliant digital experiences for your customers—whenever, wherever, and however they want to engage with you. The Open Banking State of the Market Report makes it clear that open banking is the next wave. Partner with us, and we’ll not only help you catch it; we’ll help you stay ahead of it.

Explore the Infographic 

 

 

 

 

 

 

 

 

 

 

 

 

 

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It's time for open banking. Are you open?
It's time for open banking. Are you open?

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