Open APIs: How to thrive in financial world with them?

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Open APIs:
How to thrive in financial world with them?

Open APIs are known to be tomorrow’s links to create an ecosystem of products/ services and platforms in the financial industry. They have become the level to get higher value through an exponential network and open information systems. Harnessing the great potential of APIs could produce tangible advantages for the institutions, including:

Rapidly evolving new products and services
Delivering better customer services
Facilitating valuable Industry collaborations
Open APIs: How to thrive in financial world with them?
Acceleration in the use of Open APIs

Acceleration in the use of Open APIs

It has been seen that more than 70% of the global banks are questing to leverage open APIs to facilitate Open Banking capabilities in the next 12 months.

Some markets have recorded significant acceleration in the use of APIs, including the following states:
0 %
United States (+23%)
0 %
Singapore (+1%)
0 %
The United Kingdom (+17%)
0 %
France (-1%)
0 %
Germany (-4%)
0 %
UAE ( stable )
Financial institutions are partaking with a more sophisticated and systematic approach to using APIs to maximize the value of services from these digital workhorses.

Embrace the power of Open APIs in the financial industry

The retrospective view of adopting the API technology was driven by the regulators quenching to accelerate healthy competition in the financial industry. However, with the onset of COVID-19 and the focus on digitization, we believe the next 12-24 months will significantly shift toward these digital workhorses amongst different regions. They represent a significant opportunity to create a level playing field for new entrants, innovate, work more efficiently, and develop new products and services.

The benefits of APIs are enormous, with the ability to exchange data across multiple parties and applications in real time. What’s more? The plug-and-play beauty of this innovation can be developed and deployed far quicker than any traditionally designed product.

Over the course of time, they have become essential technology enablers for application integration, banking-as-a-service, innovation, and, most importantly, customer connectivity. By implementing and adopting APIs today, financial institutions stand to realize the needs of their customers today, tomorrow, and in the many years to come.

What does it take to unlock the potential?

Based on the insights from our different surveys and work with financial institutions, ECS Fin has developed a sophisticated framework for building cutting-edge technology. The framework comprises four key elements: authentication functionality, proactive strategy, operating model, and technology. Let’s read about them in depth:

What objectives do we follow when implementing Open APIs?

Build APIs with in-house services or in collaboration with fintechs and accelerate open banking digitalization initiatives.

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