According to a recent Aite Group study, banks have plans to start moving toward a wider corporate transaction banking-based API strategy within the next two years.
Boston, May 2, 2017 — Aite Group’s latest report, Corporate Banking API Strategies, drills down on why banks are beginning to view application programming interfaces as a competitive tool. “Banks must move steadily beyond payment-centric APIs and explore corporate banking services,” says Aite Group senior analyst Enrico Camerinelli, and this report describes how forward-looking banks will start opening APIs to collaborate with their corporate clients in business-to-business transactions that will span all global corporate banking processes.
This research also discusses the needs of banks’ corporate customers and how a potential partnership between banks and fintech providers might be the best path toward realizing a competitive advantage in the marketplace. Today’s corporate customers are more technically focused, agile, and demanding than in the past, and banks have also had to contend with less money, less time, and a greater focus on security, leaving a gap in service. The gap in service created by these new demands on banks is where Aite Group believes that fintech companies will find an edge and where banks will find partners to help them meet their corporate customer’s needs.
This Aite Group report is based on interviews with product managers, line-of-business heads, and digital channel managers at Asia-Pacific, European, and North American banks as well as with fintech providers. It also leverages a late 2016 Aite Group email survey of and telephone interviews with 21 major international banks.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.