Financial institution CIOs and technology business leads are grappling with the transition to an open banking economy, fully aware it’s their job to bridge the gap between surviving and thriving.
Those strategists, enterprise architects and other leaders with the latitude to think about and act on where the organization should be headed realize if there ever was a time to develop strong organizational strategies, the advent of open banking and open application-programming interfaces (APIs) is that moment.
Open banking, at least in Europe and the U.K., began as a regulatory initiative to drive consumer choice and innovation. The goal was to improve the consumer experience through greater accessibility and competition, enabling fintech ecosystems as financial institutions open their data to third parties through those APIs.
As financial institutions achieve and maintain regulatory compliance, they’re turning their attention to the opportunities the API environment offers. To some, that means digital transformation, new platforms and advanced technology that make consumers’ lives easier.
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