From Open APIs to Open Banking, Part 3
29 November 2018
Open Banking: Strategic Proposal
Financial services and financial institution businesses are highly contingent on the peculiarities of local financial regulations and systems. No global standards yet exist when it comes to open APIs and open API trends. Nevertheless, in any era there is always much to be learned from corporate trailblazers. The famous words of Otto von Bismarck are particularly pertinent in this digital era—and even more so with this being the Year of the Dog—for the emphasis they place on learning from others: “Fools say they learn from experience; I prefer to learn from the experience of others.”
In concluding this report, Celent stresses the importance of and advocates for an open-banking strategy both for the financial institutions that are striving to build an open API strategy and for the IT vendors looking to support them. The following points are designed to serve as advice to companies that are undertaking pioneering initiatives in advanced markets and given with localization for the Japanese market in mind.
Based on insights gained observing world markets, Celent offers the below four points to guide companies in preparing for new regulations and establishing business and technology strategies:
- Formulate an open API vision.
- Redesign products and services.
- Build relationships between developers and TPPs.
- Redesign IT as an enabler.