API is the new digital language
Banks need to speak it fluently,
or risk becoming isolated and eventually
disintermediated, by API native speakers.
It’s not a question of if, or when.
It’s how many of them.
Banks have the opportunity to learn
from the techniques & practices
of Internet Giants (amazon, google etc.)
Financial APIs need agreements
beyond technical aspects
Source: EBA, Understanding the business relevance of Open APIs and Open Banking for banks, May 2016
Legal + Operational + Functional + Technical
PSD2 = APIs
Open Banking = APIs
The EU, via PSD2, is leading
the Open Banking movement
The API movement is HUGE!
You can now reach:
Your customers + FinTech ecosystem
PSD2 is not compliance
its your biggest opportunity
Source: Freeform Dynamics, Exploiting the Software Advantage, Lessons from Digital Disrupters, October 2015
Outperform their markets
Of Banks have either already
launched, or plan to launch within
the next 12 months, an API initiative
Banks are already working
Source: More Banks Working on APIs in 2016, But Bureaucracy Remains a Problem | Bank Innovation