Part2 - APPROACH
CREATION VALUE FROM THE RISE OF THE OPEN API ECONOMY IN FINANCIAL SERVICES
There are many papers, studies and blogs from government and industry bodies, leading consultancies and experts within the banking industry that explain the technical and operational concepts behind the open API economy and related legislation such as PSD2, as well as national initiatives such as the UK Open Banking Standard.
It is not our intention to add any weight to this growing library of insight, but rather this white paper focuses on how retail and corporate banks and other financial institutions will be impacted by the rise of open API economy.
We want to take a look at the new competitive model for banking, enabled through open API technology and standards, and what banks can do now to address some of the challenges and opportunities.
We have structured this paper to include four key areas of focus for the reader:
1. Evolution of the open API economy
2. Impact of the open API economy on banks’ value chains
3. Strategic responses from banks to the rise of the open API economy
4. Key operational considerations for banks
Our research was conducted through a series of structured interviews with financial services clients. We spoke with banking executives that are facing the need to develop and implement a compelling, executable strategy that addresses the challenges and opportunities presented by the open API economy in light of increasing regulatory and competitive pressures.