APIs at the heart of the new age Open Bank
Open banking has unlocked new opportunities for traditional banks, as well as a new generation of fintech companies; all focused on providing new products, services, and customer experiences in the digital world.
The advent of APIs has made it possible to securely share data with third parties enabling a number of interesting scenarios for the banks. New models emerging where traditional banks can build, acquire, partner, or participate in an open banking eco‐system, which will allow consumers an unparalleled financial experience. In their research report, "How to Build an Open Bank," Gartner offers a unique perspective on the various options CIOs can explore to leapfrog from traditional to digital banking.
At Quinnox, we believe that every challenge is new, including those obstacles and opportunities posed by Open Banking. We believe in understanding the big picture to better analyze the impact of Open Banking on new revenue opportunities through various new models of engagements. These will emerge through the choices banks will make.
As importantly, our teams have already built solutions that will help banks – as well as other participants in the Open Banking eco‐system – tackle the challenges of creating a clear roadmap, developing and managing APIs, and assuring that technology delivers the desired business benefit.
Explore Gartner's new insight on Open Banking here, as well as our perspective, is written to help demystify Open Banking.
Vice President & Global Head, BFSI