Home / FINANCE / THE OPEN BANKING REPORT: How banks can precedence open APIs and say their sell banking dominance

THE OPEN BANKING REPORT: How banks can precedence open APIs and say their sell banking dominance

regulation will expostulate open banking 4 by 3BI Intelligence

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Open banking is the democratization of entrance to information formerly exclusively owned by bequest financial institutions. 

The open banking trend is being driven by a series of factors and will eventually turn a norm. That means sell banks need to rethink their business and operational models if they wish to say a positions of prevalence in a financial ecosystem. 

In this report, BI Intelligence explores a drivers behind open banking in detail, outline a options for banks as they demeanour to refurbish their business and operational models, and explain a expected intensity winners and losers of open banking.

Here are some of a pivotal takeaways from a report:

  • Open banking is many mostly facilitated by a record famous as Application Program Interfaces (APIs) which have enabled a business models and success of some of a many good famous startups of new times. 
  • There are a series of drivers behind a open banking trend, a many apparent of that is law that forces banks to give business entrance to their data, or capacitate permissioned third parties to entrance their data. 
  • Banks adopting open banking are holding a series of opposite approaches, from just taking a required stairs to comply with regulation, to actively embracing a concept in an bid to say their sell banking dominance.
  • Banks are regulating opposite models of open banking, including app stores and sandboxes. Which model, or multiple of models, a bank adopts depends on its priorities and a drivers it finds many imperative. 
  • Open banking will have a poignant impact on fintechs. With entrance to banks’ systems and immeasurable information stores, fintechs will be means to yield some-more personalized products, while handling with larger autonomy. However, open banking will also boost fintechs’ regulatory and cybersecurity burdens. 

 In full, a report:

  • Explains a judgment and mechanics of open banking. 
  • Outlines a drivers behind a augmenting adoption by tellurian sell banks. 
  • Highlights a opposite approaches banks are holding to open banking, and explores a advantages and disadvantages of each.
  • Explores a destiny of open banking, including a impact on fintechs. 

Interested in removing a full report? Here are two ways to entrance it:

  1. Subscribe to an All-Access pass to BI Intelligence and advantage evident entrance to this news and over 100 other expertly researched reports. As an combined bonus, you’ll also advantage entrance to all destiny reports and daily newsletters to ensure you stay forward of a bend and advantage privately and professionally. Learn More Now
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