Is Your Bank “Open” for Business?
The future of digital banking is wide open, and powered by APIs
Traditionally, banks owned the customer relationship, from start to finish. Every service — from payments and loans to cash management and payroll — was handled entirely by the bank’s internal systems. The threat for disintermediation was low to nil, as access to customer accounts and data was safely locked away in the back office.
Today, there is a seismic shift underway as the industry moves from a closed banking environment to one that is open, shared, and ecosystem-driven — leveling the playing field for new entrants and opening the door to rapid innovation and heightened competition. APIs that connect internal systems and data with new digital experiences are at the heart of this transformation.
This whitepaper outlines 5 steps to engaging customers and coming out on top with an API-first strategy for open banking:
- Lay a strong digital foundation by pairing strong governance with a flexible architecture.
- Expand your business ecosystem to enable new digital experiences and external innovation.
- Open the door to innovation with an API-powered digital banking platform.
- Be proactive, not reactive, with real-time data and operational intelligence.
- Put the customer at the center of everything you do.
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