The Open Banking State of the Market Report is here — and we have the interactive infographic to prove it.
Initially, APIs were a technical consideration. Then they became a regulatory requirement. Now, they’re a business opportunity for exponential growth.
Why open banking… and open finance? It opens up banking functions so third parties can provide new products and services to customers — putting them in control of their finances.
Who benefits? Pretty much everyone.
The sixth-annual Open Banking APIs State of the Market Report investigates how leading banks around the world are maturing to a platform approach and extending their reach into new markets.
In 61 pages, it delves into everything from:
- What is open banking? (Short answer: Open banking is the wave of the future.)
- Growth opportunities — 2021 will be a bumper year for open banking, full speed ahead hitting the fast lane.
- Security and competitive threats — how can banks use open APIs to avoid disruption from neo-bank and fintech upstarts, tech giants, and changing regulatory requirements?
- Creating a banking ecosystem: Banks must let go of the old ways and look to the future.
Be sure to read the entire report cover-to-cover. But, because we know you’re busy, we created an interactive infographic that lets you click through some of the most revealing highlights and important insights.
Maximize opportunities. Minimize threats.
Take a few minutes to explore promising trends, emerging threats, and what it will take to maximize new opportunities with open APIs.
Open banking and finance infographic — location makes a world of difference
Open banking and finance are at different stages of maturity in different parts of the world, depending on many things including regulations.
- In the U.S., we mostly see open banking platforms in investment or commercial banks.
- In the U.K., banks by market capitalization all offer open banking API platforms.
- European and Scandinavian banks in the top 20 markets are now offering open banking API platforms.
- Asia-Pacific has 77 open banking platforms, a huge annual growth of over 182%.
- In Africa, the numbers fluctuate as each county treats its data differently due to varying.
Follow eight steps
- Clearly define the platform.
- Build supply in proportion to demand: Don’t lose sight of supporting customers.
- Take a staged approach: Think it out!
- Accelerate success with the right talent.
- Shift the mindset and become agile.
- Value word of mouth.
- Recognize that the scalability of the technology is key. What’s needed is an API-First approach.
- Collaborate to increase the gravity of the platform.
Are you ready to open your eyes to the possibilities?
Bank and fintech ecosystem stakeholders need to implement open APIs in a way that leverages industry standards, meets regulations across all regions, and ensures data and digital services are provided securely so customers can benefit.
The Open Banking APIs State of the Market research draws on in-depth data to identify where the open banking industry is today, and what needs to happen next to make the benefits flow all around the world.
Start now with this clickable infographic and learn more.