The open banking dialogue has at last moved on from compliance concerns and turned to what opportunities, as well as challenges, exist for banks.
2019 could be the year that open banking takes hold but only if banks are able to deliver value-added, premium services via application programming interfaces (APIs).
These tools are still in their early stages of development but through robust testing, more standardisation, intelligent use of data and partnerships, banks can develop services that both enhance the user experience and generate new sources of revenue.
Banks should be looking at what valuable services they can actually charge for, what services go beyond data capture and money movement and involve new lines of revenue – from online FX wallets to digital banking. They should also look at areas such as corporate banking that are ripe for disruption given that the current dashboard services on offer are typically basic and static.
Download this new whitepaper from Finextra, in association with Token, as we explore the shift towards ‘premium’ API-driven banking culture, what drivers and challenges are shaping the developments, and what the new wave of open banking products and services might look like.
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