TAKE ADVANTAGE OF OPEN BANKING REGULATIONS

Take advantage of Open Banking regulations

Everyday banking has fundamentally changed in the last 10 years, with online and mobile becoming the norm. Now, banking is set to be radically disrupted again. Just as digital applications have displaced branch visits, soon customers may not even use banks’ digital applications at all. Welcome to the open banking revolution.

Open banking and PSD2 are watershed regulations. Both are driving a new wave of innovation. To comply with each piece of legislation, banks must allow trusted third parties access to customer account data and the ability to initiate payments. Application programming interfaces (APIs) are seen as the most effective mechanism for achieving this, allowing third-party providers access to banks’ data infrastructures in a way that is both open and secure.

Open banking APIs represent as great a threat and opportunity to banks today as the advent of the digital era once did, opening the market to greater competition around customer loyalty and engagement. To be successful in this new landscape, banks should not consider these APIs as simply technical interfaces that expose data to third parties, but rather as radical enablers for creating new and attractive customer experiences. APIs are already commonplace across many industry sectors, where they are in fact viewed as customer products. Banks will have to follow suit if they want to remain competitive.

We believe that banks that wish to thrive need to go beyond compliance with open banking and PSD2 and embrace the API opportunity. We have experience and a strong track record of delivering the mandatory - as well as designing and delivering new propositions enabled by APIs and value-add APIs. We support banking clients to deliver and launch open banking APIs, from the technology to the new operating model required.

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