On the path towards open banking, but not sure what's next? In a Q&A video series, Axway's experts share insights on the state of open banking in North America.
Start here to drive adoption of your open banking APIs, connect to a larger financial ecosystem, and uncover new sources of revenue.
01 What's the problem with screen scraping?
- Screen scraping is a practice in which third-party apps employ user credentials to access bank accounts, but it can present challenges around security and consent
- The financial institutions being scraped can also face increased server traffic and broken connections due to website changes, leading to customer dissatisfaction
- Open banking provides an alternative to screen scraping, with standardized APIs granting secure data access
- Axway Amplify Open Banking offers preconfigured consent management and a developer portal, enabling easy API adoption for banks of all sizes within the open banking ecosystem
02 What is the business value of open banking for financial institutions?
- Open banking gives financial institutions opportunities for new revenue models
- Account aggregation insight offers banks and credit unions actionable intelligence
- Real-time payments are transforming commercial banking and treasury management
03 Is it better to buy or build an open banking solution?
- Financial organizations face the choice between building their own open banking infrastructure or purchasing a dedicated solution
- Components of an open banking solution include creating a discoverable developer portal, implementing standardized APIs (like FDX), and integrating consent management for data access
- Buying a solution offers benefits such as staying current with evolving standards, conformance testing, and expediting project delivery
- Leveraging a dedicated solution enables financial organizations to prioritize customer needs over managing technology
04 How can I drive better adoption of my open banking APIs?
- Effective adoption of open banking APIs requires marketing your APIs to both business leaders and developers
- An API marketplace should highlight the business value of your offerings and provide interactive examples for intuitive understanding
- For developers, ensure easy onboarding, sandbox access, standardized API specifications, and comprehensive Postman collections for various case flows
- The goal is to create a seamless experience from business interest to developer engagement, persuading users to choose your financial service's product offering over competitors
