Open Banking – Creating a new revenue opportunity

“Open banking enables people, businesses and things to give, take and multiply value creation for the bank by sharing assets like data, algorithms and transactions with business ecosystems”- GARTNER,2016

APIs, open banking, platform banking, bank as a service- these are some of the buzzwords which are doing rounds in the financial services industry. Banks are under pressure to open up their doors to third parties and developers. Open API banking seems inevitable at this point with governments around the world pushing for regulations to make the banks hand-over the customer data to third parties, a move that is enabling open API economy to take off.

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