Talk / Presentation on the latest issue of Beyond Open Banking, Open Finance and The Global Ecosystem.
Nouamane Cherkaoui
21st april 2021 On Retail Baking Forum
2. Talk Summary
The rise of Open Banking
How APIs allow banks to differentiate their
services to meet increasing customer demands
Innovating to remain competitive
Today’s mega-trends driving significant change
in Financial Services
Key Open Banking trends and outlook for the
future toward Open Platforms
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03
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3. “We’re witnessing the creative destruction of
financial services, rearranging itself around the
consumer. Who does this in the most relevant,
exciting way using data and digital, wins!” –
Arvind Sankaran
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4. The Rise Of
Open Banking
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01
Banks are one of the leading forces of the open banking transformation
because they know the first-comers will be the biggest winners of the new
system. In the last quarter of 2019, banks have seen immense growth thanks
to APIs, and today, almost all of them are developing their own APIs to share
information securely.
5. How APIs
allow banks to
differentiate
their services
to meet
increasing
customer
demands
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02
Source : Platformable
To date, the vast majority of open banking API products are centered on payments, accounts
and bank product information, which are mandated API requirements in Europe, UK, and
Australia. "Other" API products include those that have multiple functionality, make utilities
and other functionalities available (for example, to send notifications to users), or are for
sandbox-only use.
But credit remains in 2nd position on the fastest growing open banking APIs on the market.