Global Open API Banking Market 2017-2022: Business Development Analysis

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Open API Banking: Defining the Potential and Opportunities; Strategies for a world of open banking

Summary

Regulatory and technological developments are pushing banks in Europe and the UK to open up access to their systems and data via the use of application programming interfaces (APIs). If banks embrace the concept, they will be able to become one-stop shops for the best products on the market, crowdsource the development of new services, and generate revenue by selling access to their data and capabilities.

Key Findings

Regulatory initiatives such as PSD2 in Europe and the Open Banking Standard in the UK are forcing banks to open up their systems to third parties, and this will hasten the rollout of open APIs.
Starling Bank and N26 are among those using the bank as a marketplace approach. Here, banks transform themselves into portals, using their open APIs to allow third-party services to be accessed from within their own platforms.

Fidor Bank is an exemplar of the bank as a service strategy. Startups and other entities that want to offer banking services to their customers can connect to Fidor Bank’s capabilities via its APIs and build their own services and user interface on top.
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Synopsis

Researcher “Open API Banking: Defining the Potential and Opportunities” explores the impact of open banking initiatives and assesses the various strategies that banks can employ. This report is based on findings from our Retail Banking Insight Survey, together with interviews with industry figures and secondary research.

The report offers insight into:
The current state of open banking and open API initiatives in the UK, Europe, and further afield.
The advantages and disadvantages associated with the main open API strategies banks can use.
Advice and recommendations for how to effectively deploy an open API strategy.

Reasons to Buy

Learn more about the distinct open API strategies a bank can deploy, together with the specific advantages and disadvantages associated with each approach.
Gain an understanding of the opportunities – and the threats – that open APIs will create for banks.
Discover more about how specific banks around the world are already using APIs, their rationale for doing so, and their experiences to date.

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