Of all the forces predicted to challenge and disrupt banking and financial services, open banking has proven to have a staying power that stretches beyond the initial hype. The remaining question is whether this paradigm holds up when it comes to producing tangible results.
Open banking has been one of the hottest technology trends in the banking industry for a while. But in order for banks to truly embrace open banking, it is imperative that the key concepts of open banking are well-known across the whole organization. This (updated) guide aims to give a brief overview and provide a deeper understanding of the term open banking
Open banking is one of the factors that will shape the future of banking, and at the heart of open banking lies APIs. However, just opening up your APIs provides little to no value unless developers actually want to use your APIs. Providing an excellent developer experience crucial to keep your external developer community engaged.
By now, open banking has become the talk of the town in the banking industry. However, going from strategy to execution is the tricky part. Moving too fast without sufficient understanding your surroundings may result in unforeseen consequences, and on the other hand playing it (too) safe may result in a never-ending strategic analysis of what you could have, would have and should have been done. In order to get started, one must be able to refine and restrict the scope, focus and deliver.
Starting this week, customers of Sbanken will be able to view outstanding student debt in their mobile- and online bank.
Even though the technical implementation of PSD2 has been delayed, there is no doubt that opening up the banking infrastructure will change the face of retail banking as we know it. While Norwegian banks are not required to open up until the second half of 2019, Sbanken and the SpareBank 1 banks are getting ahead of the curve and are making PSD2 happen long before it is required.
Et selskap uten åpne grensesnitt er som en datamaskin uten internett
For regular readers of my blog, it should be no surprise that I believe that strategic use of APIs are fundamental building blocks for digital transformation. However, opening up comes at a price. Unprotected APIs could provide a back door to data and critical systems open for criminals and individuals with malicious intent.
Open banking has been one of the hottest technology trends in the banking industry for a while. But in order for banks to truly embrace open banking, it is imperative that the key concepts of open banking are well-known across the whole organization. This guide aims to give a brief overview and provide a deeper understanding of the term open banking.
Even though banks have had a digital presence since the dawn of the internet, online banking solutions still resemble an electronic representation of the paper-based bank statement that used to arrive in the mail once every month. If you are convinced that you could do a much better job than the banks in reinventing online banking, you should look no further.
I have already written a great deal about open banking, but as it has quickly become the latest hype in the banking world it is time to revisit the topic. With PSD2 close to coming into effect, an increasing number of banks are lining up to open up their platforms, forever changing the digital banking landscape as we know it.
Last week we announced that Skandiabanken will be supporting digital currencies by integrating to Coinbase Connect and exposing the account balance held at Coinbase. The real innovation really has little to do with bitcoin and digital currencies, but rather a representation of the way open banking will shape new products development and customer experience.
The landscape for financial services is changing, and the jury is still out as to how the endgame is going to play out. One of the concepts shaping this future is open banking. After looking into the subject, it is becoming clear that there is no one size fits all open banking strategy. Rather, there are several tactical moves that are being played aout by a variety of both banks and fintechs. No matter which strategic option(s) you choose to follow, open banking will fundamentally change banking the same way internet banking once did.
The landscape for financial services is changing, and the jury is still out as to how the endgame is going to play out. One of the concepts shaping this future is open banking. For this topic I have chosen to invite Chris Skinner from the Financial Services Club, Brett King of Moven, Matthias Kröner of Fidor and Pascal Bouvier, venture partner at Santander to join the discussion. Tune in to this free webinar on Brighttalk December 7th to hear some of the worlds leading experts on digital banking discuss what they are saying, doing, and planning when it comes to open banking.
In order to fully grasp the business potential of open banking, it is useful to have some insights in the technical concepts defining the open banking paradigm. This is meant to be a short introduction to APIs for non-technical people.
APIS are at the heart of open banking. If executed correctly propose to increase innovation, foster collaboration, extend customer reach and lower costs compared to existing legacy systems. A key concept in the open banking paradigm is to use open source technologies to enable third-party developers to build financial applications on top of the banks’ exisiting infrastructure. To succeed with an open banking strategy without rendering oneself obsolete, finding the right business model is imperative.
The banking industry is facing many of the same perils as the telco and media industry has been though in the latter years, and the primary challengers are the same ones that have been feasting at the media and telco’s profit margins for more than a decade. These are the four horsemen of the incumbents apocalypse (Google, Apple, Facebook and Amazon). While they are vastly different in many ways, they all share the traits of a succesful digital ecosystem.
The landscape for financial services is changing, and the jury is still out on how the endgame is going to play out. One of the concepts shaping this future is open banking. This development emerge out of the payment area where a perfect storm of shifting customer behavior, regulatory changes, the threat from digital ecosystems such as Google, Apple, Facebook and Amazon, and the quest for new business models are driving banks toward the open banking paradigm.
It is close to impossible to predict how the future of financial services will look like in ten years. However, some scenarios are starting to stand out as inevitable. One of those is the concept of the bank as an open platform.