Open banking, a platform-based business approach, has recently become a buzzword in the financial services industry. It is a ubiquitous trend that it seems is here to stay. Financial institutions are fast turning to open banking to drive innovation and transparency for delivering customer-centric banking experiences.
The open banking approach is about amalgamating data, processes, and business functionalities made available in an ecosystem comprising banks, customers, third-party developers, FinTechs, and partners. This whitepaper unravels how open banking gives the customers the ownership over their data held by financial institutions under custodial capacity and the freedom to direct the financial institutions to make their data available to a third-party.
Various sections covered under the whitepaper are:
- Open Banking Global Scenario
- Open Banking Market Outlook
- Open Banking Post-COVID-19
- Key Drivers of Open Banking
- Growing Role of APIs in Banking and the Need for Standardization
- API Use Cases in Banking
- Challenges in Adopting Open Banking